Annual report notes profit doubling in 2014 and a continued focus on South An Khanh.
The annual report of the SongDa Urban & Industrial Zone Investment and Development Joint Stock Company (Sudico) states that 2014 was a year of many positive business results with revenue double compared with 2013.
Revenue before auditing reached VND1.277 trillion ($59.3 million) and profits approximately VND162 billion ($7.5 million). In 2015 Sudico will undergo a restructure to be suitable with changes in the real estate market, promoting investments in Hanoi and withdrawing capital from companies that operate ineffectively. It targets to record revenue of VND834 billion ($38.8 million) and profit of VND153 billion ($7.1 million).
It still considers its South An Khanh project to be its main project this year. The company expects to quickly complete the construction blueprint and site clearance and compensation efforts. It will implement infrastructure construction, including a reservoir, lighting systems and water supply systems, and especially the traffic network A2, A3, and A8, and complete technical infrastructure as per its commitment with the Project Development Joint Stock Company (Techcomdeveloper).
Sudico previously signed an agreement selling land use rights and technical infrastructure on 8.9 ha at the South An Khanh project to Techcomdeveloper, for VND1.3 billion ($60.4 million).
South An Khanh New Urban Area is located in the west of Hanoi. The project covers an area of 288.8 ha, including 15.3 ha planned for social purposes for farmers whose land has been reclaimed.