Previously, Novaland successfully raised US$150 million from a placement, bringing the total proceeds to US$310 million. According to Global Capital, the deal is the first equity-linked bond issue of Vietnam in six years.

Novaland expects to use the proceeds from the combined offering to expand its land fund in prime locations, develop new projects and supplement working capital for general activities. The company plans to introduce three new projects this year.

Last week, Novaland’s 2018 annual general meeting passed the business plan for this year, with revenue expected at VND21,780 billion and after-tax profit at VND3,200 billion, up by 87% and 55% against 2017 respectively. With 11 projects underway, around 6,500 products are expected to be handed over to customers this year. Novaland is confident at these ambitious goals as all projects are located at prime sites in HCMC, with each project reporting 90% to 99% of units sold.