Phat Dat may suspend the nearly VND 1.95 trillion Phan Đình Phùng Sports Center project

Phat Dat Real Estate Development Joint Stock Company (PDR) may suspend the construction of the Phan Đình Phùng Sports Center project, according to information shared by Nguyen Van Dat, Chairman of the Board of Directors, at the company’s 2026 annual general meeting held on the morning of April 16.

Potential suspension of Phan Đình Phùng Sports Center

Mr. Dat said the company could pause the Phan Đình Phùng Sports Center project, which has a total investment of VND 1,954 billion.

The project covers a land area of about 14,000 square meters. The planned facility includes seven above-ground floors and three basements, with a construction area of more than 7,176 m². Building density is about 49.77%, and the land use coefficient is 1.8 times. The total floor area of the above-ground portion is about 25,821 m², while the basement area reaches 43,558 m².

Under the plan, the project is expected to be completed within 24 months. It is implemented under a Build-Transfer (BT) contract, under which the investor is compensated with land at locations including 257 Tran Hung Dao, 3-3bis Phan Văn Đạt, and a land parcel of about 3 hectares in District 11.

The sports center is intended to serve training and competition needs and to help raise residents’ living standards in Ho Chi Minh City. The facility is also expected to host national and Southeast Asian regional competitions.

Progress on Thủ Thiêm Eco Smart City selection

Alongside the potential suspension, Mr. Dat said PDR is making positive progress on another project. The company is in the process of being selected as a strategic investor for the Thủ Thiêm Eco Smart City project developed by Lotte, with total investment of over VND 50,000 billion.

“Phat Dat is currently the second candidate,” Mr. Dat emphasized.

To contribute 35% of the project’s capital, PDR would need to demonstrate financial capacity of around VND 15,000 billion, reflecting the high requirements for resources and fundraising ability. Being listed as a candidate was described as an indication of PDR’s financial strength and credibility amid a period of market “cleansing.”

2026 business targets and dividend plan

At the shareholders meeting, PDR presented its 2026 business plan with targets for total revenue (including financial income and stake transfers in units) of VND 8,830 billion and net profit after tax of VND 868 billion, up 69% compared with 2025 results.

The board also proposed authorizing shareholders to adjust the business plan as needed, depending on real estate market developments and the company’s actual operating conditions.

On dividends, PDR plans to pay at least 8% of charter capital in 2026, potentially in cash, stock, or a combination of both. The timing of any interim payout (if any) and the official payout will be decided by the board.