Novaland's Aqua City: 1,091 homes approved, VND 8,007B rights issue

Overview

Novaland (NVL) has announced that more than 1,000 homes at its Aqua City project in Đồng Nai have been approved for sale, and the company plans to raise nearly VND 8,007 billion (approximately USD 320 million) through a rights issue to repay debts. The update, released by NovaGroup, highlights ongoing construction across multiple sub-zones and a significant capital-raising initiative.

Key Facts

• Over 1,000 homes approved for sale: 531 units at Aqua Marina City and 560 low-rise homes at Aqua Waterfront City, totaling 1,091 units.
• The approval was confirmed by the Đồng Nai Department of Construction, certifying the homes as eligible for future property sales.
• Novaland’s board, chaired by Bùi Cao Nhật Quân, approved the adjusted use of proceeds from the rights issue on August 6, 2026.
• The rights issue is expected to raise nearly VND 8,007 billion (before issuance costs), with funds to be used from Q4/2026 to Q1/2027.
• Approximately VND 5,953 billion (about 74% of total proceeds) will be used to settle Novaland’s debts, financial obligations, and overdue payables.
• About VND 916 billion will be contributed to Nova Saigon Royal, and VND 1,137 billion to No Va Thảo Điền, for similar debt repayment purposes.
• Construction milestones: River Park 1’s structure expected by December 2026, clubhouse by November 2026; River Park 2 Phase 1 by December 2026.

What Happened

Novaland, through its parent NovaGroup, provided a progress update on the Aqua City development, detailing ongoing construction across several sub-zones including Đảo Phượng Hoàng, River Park 1, River Park 2, and Ever Green 1 and 2. The company is actively working on foundations, infrastructure, and handovers, with specific completion targets for 2026.

In a separate development, the Đồng Nai Department of Construction confirmed that 1,091 homes across two sub-projects—Aqua Marina City and Aqua Waterfront City—are now eligible for sale under the law on future properties. This approval is a key step for Novaland to generate revenue from these units.

Concurrently, Novaland’s board approved an adjusted plan for the use of proceeds from a rights issue to existing shareholders. The company expects to raise nearly VND 8,007 billion, with the majority allocated to debt repayment, including contributions to subsidiaries Nova Saigon Royal and No Va Thảo Điền. The resolution was signed by Chairman Bùi Cao Nhật Quân.

Market Context

Novaland (HOSE: NVL) closed at VND 14,000 on August 13, 2026, up 0.37% with a trading volume of 1.95 million shares. The stock has been under pressure amid the broader real estate sector’s challenges, including high inventory and debt levels. The Aqua City progress and the planned capital raise are part of Novaland’s strategy to restore investor confidence and address its financial obligations. The rights issue, if successful, could provide much-needed liquidity, but the market will watch for execution risks and the actual impact on the company’s balance sheet.

Strategic Significance

For long-term investors, the Aqua City update and the rights issue signal Novaland’s continued efforts to resolve its liquidity crisis and resume normal operations. The approval of 1,091 homes for sale is a tangible milestone that could lead to future revenue recognition, while the capital raise aims to reduce debt and improve financial health. However, the success of these initiatives depends on market conditions, execution, and the company’s ability to complete construction on schedule. The strategic focus on debt repayment suggests a priority on stabilizing the balance sheet over aggressive expansion.

What to Watch

• Completion of construction milestones at River Park 1 and River Park 2 by the end of 2026.
• Actual subscription rate and success of the rights issue, with proceeds expected to be used from Q4/2026.
• Further approvals from Đồng Nai authorities for additional homes at Aqua City.
• Novaland’s quarterly earnings reports for signs of revenue recognition from the newly approved units.
• Any updates on debt restructuring or negotiations with creditors.