PHAT DAT BRINGS BONDS TO ZERO AND PREPARES FOR ROBUST RECOVERY
On December 25th, Phat Dat Real Estate Development Corporation (HOSE: PDR) officially cleared its bond debts by settling the remaining bonds. With resolute efforts, the company successfully concluded all bond settlements without delays, mitigating potential risks. This accomplishment stands as a distinctive case in the challenging real estate industry.
With unwavering determination, Phat Dat is executing proactive plans for business recovery. The CEO emphasized that the company has entered a phase requiring innovative breakthroughs to drive success.
Phat Dat’s initiative to clear its bonds to zero before the end of 2023 stands out as a rare beacon of positivity amid the prevailing gloom in the real estate sector. Could you elaborate further on this?
Much like the majority of real estate enterprises, Phat Dat navigated through an exceptionally challenging year. We earnestly assessed and fully acknowledged the profound short-term and long-term impacts our business confronted. Subsequently, we devoted unwavering efforts to devise optimal solutions for each challenge. Our commitment to upholding our reputation and ensuring responsibility remained the overarching goal throughout this transformative process.
Bui Quang Anh Vu: “Moving forward, Phat Dat exclusively concentrates on developing projects aligned with genuine residential needs to attain the highest market absorption rate.”
Concerning outstanding bonds, Phat Dat embraced a resolute commitment to safeguard our credibility and fulfill our responsibilities to bondholders. As a result, we successfully cleared all issued bonds on time or even before maturity, steering clear of any delays or deferments.
Furthermore, Phat Dat showcased its resilience in navigating market fluctuations and a determination to conquer challenges. We explored every conceivable solution, optimizing conditions to resolve issues and sustain the robustness of our business.
The attributes of credibility, responsibility, capability, and determination exhibited under pressure have garnered trust and respect from our partners. Consequently, they continue to place their confidence in us as we embark on new plans for the journey ahead. This encapsulates the strength and core values that define Phat Dat.
Beyond the resolution of bond debts, how is Phat Dat faring in other aspects?
As previously mentioned, we adopt an open-minded approach to every facet of our operations. Phat Dat acknowledges that our business has recently weathered a significant challenge a “serious illness.” We dedicated efforts to “treat the illness” in the right direction, fostering a path to recovery. We also remind ourselves that, even though we are in the process of gradual recovery, the market remains exceptionally challenging, with risks unabated.
With such a spirit, Phat Dat is actively reinforcing its business foundations, strategically selecting and cultivating new, well-suited strategies. The primary focus lies on sales, aiming to generate cash flow and deliberately avoiding resource dispersion.
At present, Phat Dat’s exclusive concentration is on projects aligned with genuine residential needs, aiming to achieve the highest market absorption rate. Simultaneously, we are diligently working to uphold financial health, implementing rigorous financial controls, and prioritizing efforts to generate cash flow as we transition towards newfound stability.
In essence, Phat Dat has successfully navigated a challenging period, signifying a pivotal moment to embark on a new journey. This entails adopting a resolute yet cautious spirit, ensuring both efficiency and sustainability.
Can you provide more insight into Phat Dat’s upcoming plans, specifically outlining the goals for 2024?
We have a portfolio of at least 6 projects that meet optimal conditions for launch this year, projecting a total revenue exceeding VND 40,000 billion. These projects focus on key offerings such as apartments, land plots, and hospitality properties. While acknowledging that the market may not swiftly return to full vigor, we are equipped with a solid foundation to propel our business forward and set optimistic expectations.
From an objective standpoint, macroeconomic factors are gradually aligning in favor of the real estate sector, propelled by policies for economic recovery and lower interest rates for bank loans.
On a subjective note, Phat Dat’s primary emphasis lies in projects tailored to meet the current needs and purchasing power of our customers. These projects boast prime locations in rapidly developing urban areas or regions with substantial potential, spanning Binh Duong, Binh Dinh, Da Nang, Vung Tau, etc.
CGI of Phat Dat’s Thuan An 1 and 2 projects on Nguyen Thi Minh Khai Street, Thuan An City.
Furthermore, our product design is rooted in a deep understanding of market needs and trends. Beyond new values and differentiation, we pay attention to products’ affordability for customers with genuine residential demands.
Cadia Quy Nhon stands as a new international landmark in Quy Nhon City.
Additionally, our approach extends to the legal aspects of our projects. With a comprehensive understanding, extensive experience, and meticulous preparation, Phat Dat is well-positioned to meet the stringent requirements and regulations set forth by local authorities, securing complete legal approval for our projects.
Bac Ha Thanh urban area, strategically situated along National Highway 19, offers direct connectivity to Quy Nhon City.
Additionally, we foster close collaboration with banks and financial partners, tailoring optimal sales policies to best serve our customers.
Building upon these foundations, we are actively striving to coordinate and establish the most conducive conditions for favorable synergy. Through these efforts, we aim to generate momentum for recovery, ensure stability, and pave the way for exciting new prospects.
Thank you!
