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Boom times for FLC Group

Released at: 05:18, 08/05/2017 What's on

Boom times for FLC Group

Image source: FLC Group

Group now among the largest players in Vietnam's real estate sector.

by Quang Huy

With at least one project going operational each year, the FLC Group creates 1,000 to 2,000 new jobs annually, an achievement few companies can match, FLC CEO Le Thanh Vinh told the group’s annual general meeting last month.

Founded in 2001, FLC Group’s resort projects have contributed significantly to changing the local tourism landscape, transforming waste land into attractive tourist destinations, and creating jobs for local people in provinces such as Vinh Phuc, Thanh Hoa, and Binh Dinh, among others. On average, each project employs 2,000 to 3,000 people, of which more than 90 per cent are from the local area.

“Corporations like FLC have made local tourism fly high by upgrading infrastructure,” Mr. Nguyen Tran Nam, Chairman of the Vietnam Real Estate Association, said.

Expanding from its original business fields of investment consulting and corporate finance consulting, the FLC Group has successfully penetrated into the real estate sector since 2010 and made outstanding accomplishments thanks to savvy investment strategies.

During the 2011-2014 period, when the real estate market in Vietnam was going through a time of considerable turmoil and other companies chose to play it safe, FLC Group decided to merge with or acquire a great number of potential but “frozen” properties at low prices, then develop them into large-scale projects to get ahead of the recovery wave, such as the 28-story FLC Garden City, the 37-story FLC Complex Tower, and the 50-story FLC Twin Towers, among others. The solid legal foundation of the corporation, led by the Dr. Trinh Van Quyet, helped the FLC Group expeditiously close these deals.

The once frozen properties are now considered outstanding commercial projects in Hanoi that bring considerable profit to the company and consolidate its leading position in the real estate market.

In addition to commercial real estate, FLC Group also foresees potential in the resort real estate segment in the long term and has been proceeding to explore and invest in pristine tourism spots with beautiful beaches since 2014.

It will launch FLC Ha Long Golf Club & Luxury Resort this year and announce and kick-off the FLC Do Son Resort in Hai Phong city, the FLC Van Don Resort in Quang Ninh province, and the FLC Quang Binh Resort in Quang Binh province.

FLC Van Don covers 4,000 ha with total investment of $2 billion, and boasts an 18-hole golf course, a five-star hotel resort, high-end villas, and a large-scale casino. It is expected to be the first casino in Vietnam to cater to both domestic and international gamblers.

The development value of its assets was estimated at $3.8 billion by real estate consultants Savills. Planning to strike the market with 2,500 condotels, 1,400 villas, 3,500 hotel keys and four golf course this year, the FLC Group aims to become the leading resort real estate investor and developer in Vietnam.

In 2016, it had VND6.38 trillion ($281.1 million) in charter capital, earned VND6.34 trillion ($279.68 million) in revenue, up 19.2 per cent year-on-year, and recorded VND987.2 billion ($43.5 million) in after-tax profit, up 9.5 per cent. It has set a target for real estate sales revenue of VND13 trillion ($573.43 million) this year, up 100 per cent against 2016.

The FLC Group has proven its capacity and prestige by speedily developing high-end real estate projects around the country, setting multiple records while at the same time ensuring quality and safety.

It received a Vietnam Excellent Brand Award from Vietnam Economic Times last month for its socioeconomic contributions in Vietnam.

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