Back to Previous Page
Nam Long Investment (NLG VN) – Q3 2025 – Strong Presales Growth on Affordable Housing Focus
Summary of 9M 2025 results and outlook of Nam Long Investment (NLG VN)
- The real estate market saw a rebound in new supply, supported by government initiatives that accelerated project development and sales launches. However, this recovery remains insufficient to narrow the supply-demand gap, as new launches are still concentrated in high-end and luxury segments. In contrast, affordable housing projects in suburban areas along key infrastructure corridors continue to expand and attract stronger demand, reinforcing the gradual shift toward outer-city living. Meanwhile, low-rise projects in satellite areas with limited connectivity still face moderate demand. Looking ahead, more affordable housing supply is expected to rise further in satellite provinces, supported by ongoing infrastructure upgrades, while new government measures to curb speculation should guide the market toward more sustainable growth.
- NLG is well positioned to capture the rising demand in HCMC’s mid-end apartment segment and the ongoing shift toward more affordable housing in satellite provinces. The company recorded total presales of VND5,004 bn (+42% y/y), mainly from low-rise and land-lot projects in Long An and Can Tho, which accounted for 76% of total presales. The current phases of its mid-end apartment projects in HCMC are nearly sold out. The townships in Long An and Can Tho are well-developed, with selling prices of around VND50 mn/sqm and VND37 mn/sqm, respectively, levels that remain affordable compared with nearby projects. During the period, however, presales in Long An were largely investment-driven, as sales primarily consisted of 105 large villas valued at about VND30 bn each.
- NLG delivered 1,424 units across projects in HCMC, Long An, and Can Tho, generating VND3,963 bn in project development revenue and net profit after minority interest of VND354 bn.
- Looking ahead, sustained demand for mid-end apartments in HCMC will support the launch of two upcoming apartment projects. Meanwhile, infrastructure upgrades will enhance regional connectivity and gradually shift housing demand toward suburban areas. With a sizable, cleared land bank in Long An, Dong Nai, and Can Tho, NLG is expected to maintain solid sales performance.
- In 2026, presales are expected to be driven by the launch of mid-end apartment projects in HCMC and next phases of low-rise developments in satellite provinces.
Interested in NLG? Click here to read more of our previous analysis on NLG’s quarterly earnings.
Company ratings and target prices are accessible for clients only.
If you are interested in getting full access to our paid Primary Research Materials feel free to get in touch with us at your convenience.
Our team is actively covering 50 companies in the listed Vietnamese equity space for our clients.
Photo image credit: https://www.namlongvn.com/
