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Nam Long Investment (NLG VN) – Q1 2026 – Affordable Housing Drives Presales Amid Shifting Real Estate Demand
Summary of Q1 2026 results and outlook of Nam Long Investment (NLG VN)
- The real estate market continued to record an increase in new supply, supported by the ongoing easing of legal procedures. However, supply-demand imbalances persist in major cities, where new launches remain concentrated in the high-end and luxury segments. On the demand side, tighter financing conditions have weighed on investment-driven transactions, resulting in slower absorption in newly launched projects. Consequently, selling prices across both primary and secondary markets has become more stable since the beginning of the year. At the same time, developers are increasingly expanding into satellite provinces, where both apartment and low-rise projects continue to be largely absorbed by investors.
- Looking ahead, ongoing infrastructure upgrades are expected to improve connectivity between major cities and surrounding provinces, paving the way for further housing supply expansion and a gradual shift of end-user demand toward satellite markets. However, demand are also likely to become increasingly differentiated across product segments. Affordable and mid-end housing should remain relatively resilient, while higher-ticket apartments and premium low-rise products may face longer absorption cycles under the current high mortgage rate environment. In parallel, policy initiatives aimed at easing legal constraints, expanding affordable housing supply, and improving market transparency should help foster a more balanced and sustainable growth market over the longer term.
- NLG recorded total presales of VND2,073bn, with low-rise developments in satellite markets such as Dong Nai, Long An, and Can Tho contributing 70% of total value. The remaining 30% came from the mid-end apartment project in HCMC and the affordable housing project in Hai Phong. Given selling prices of VND40–65mn/sqm across low-rise projects, and the premium villa project in Dong Nai priced at around VND130mn/sqm, presales remained largely investment-driven.
- In terms of deliveries, NLG handed over 194 units, mainly from low-rise projects in Long An and Can Tho, together with affordable housing sub-phases within these developments. This translated into project development revenue of VND785bn and NPATMI of VND68bn.
- For the last 9M/2026, we expect presales to be driven mainly by affordable and mid-end apartment projects, where end-user demand remains resilient. While absorption of high priced low-rise products continued to remain soften as the high mortgage rates continued to constrain investment activities.
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