TTC Land (SCR) Signs PMC to Operate TTC Plaza Da Nang Ahead of Q3/2026 Opening

Overview

TTC Land (SCR, HOSE) has signed a contract with PMC to manage and operate TTC Plaza Da Nang, a commercial complex expected to open in Q3/2026. The move aligns with SCR’s strategy to pivot from project sales to recurring income from commercial real estate. The company reported a nearly nine-fold increase in Q1/2026 net profit, signaling a recovery.

Key Facts

• SCR signed a contract with PMC to operate TTC Plaza Da Nang, a 18-storey complex with 2 basement levels located on Dien Bien Phu Street, Thanh Khe District, Da Nang.
• The complex includes a shopping mall, hotel, serviced apartments, and offices; AeonMall Thanh Khe is expected to open in early July 2026, with the TUI SUNEO Da Nang hotel and other facilities opening in Q3/2026.
• In Q1/2026, SCR reported net profit of nearly VND 13 billion, up nearly 9 times from Q1/2025.
• Rental services contributed VND 70 billion to total revenue of VND 150 billion in Q1/2026, up 37% year-on-year.
• SCR’s 2026 targets: revenue of VND 1,275 billion and pre-tax profit of VND 100 billion, implying Q1/2026 achieved ~12% of revenue and ~9% of profit targets.
• At the April 2026 AGM, Chairman Nguyen Thanh Chuong described 2025-2026 as a transitional period, focusing on strategic repositioning and financial consolidation.

What Happened

TTC Land (SCR) announced it has signed a contract with PMC to manage and operate TTC Plaza Da Nang, a commercial complex in Thanh Khe District, Da Nang. Under the agreement, PMC will handle technical operations, maintenance, security, and environmental services for certain areas, while other functional zones will be managed by specialized units.

The project, located on Dien Bien Phu Street, comprises 18 above-ground floors and 2 basement levels, featuring a shopping mall, hotel, serviced apartments, and offices. The AeonMall Thanh Khe is scheduled to open in early July 2026, followed by the TUI SUNEO Da Nang hotel and other facilities in Q3/2026. This is a key project for SCR in central Vietnam and one of the few large-scale developments during its portfolio restructuring.

Market Context

SCR closed at VND 6.00 on April 10, 2026, unchanged with volume of 1.68 million shares. The stock has been under pressure amid the broader real estate sector’s challenges, but the Q1/2026 earnings and the TTC Plaza Da Nang progress may support sentiment. SCR is listed on HOSE and has been focusing on legal completion and financial restructuring after a difficult period for the Vietnamese property market.

Strategic Significance

The partnership with PMC marks a concrete step in SCR’s shift from a project developer to an owner-operator of commercial real estate. By securing a professional operator for TTC Plaza Da Nang, SCR aims to generate stable recurring income from rentals and services, reducing reliance on volatile project sales. The Q1/2026 results show that rental services already contribute the largest share of revenue. If TTC Plaza Da Nang ramps up successfully, it could provide a new growth engine and improve earnings visibility.

What to Watch

• Official opening of AeonMall Thanh Khe in early July 2026 and subsequent occupancy rates.
• Q2/2026 earnings release to see if rental revenue growth sustains and profit momentum continues.
• Any further updates on SCR’s financial restructuring, including debt reduction or capital raising plans.
• Progress on other projects in SCR’s pipeline, particularly in the commercial segment.
• Foreign ownership changes or institutional interest following the operational milestone.