Mai Vien Real Estate Takes Home Top Prize in Vietnam’s Shopping Center Market with 213 Billion VND Profit
In 2021, Mai Vien Real Estate, a real estate investor in Cantavil Premier, saw a significant increase in profit after tax, reaching over 213 billion VND. This was a 14-fold increase from the previous year and reflects the positive trends in the shopping center segment. Mai Vien Real Estate also experienced profit growth for two consecutive years, with an average daily earnings of about 580 million VND.
The success of Mai Vien Real Estate can be attributed to their ability to attract well-known tenants such as Big C supermarket and Xiaomi technology company. Additionally, Ms. Nguyen Thao Phuong, the director and legal representative of MVJ, also holds the same position at Fusion Suites Saigon Hotel in District 1. The hotel is used as collateral for Mai Vien Real Estate’s 600 billion VND bond batch.
Cantavil Premier is located in Ho Chi Minh City and has been operating for 10 years. The strong profits of Mai Vien Real Estate reflect positive trends in the retail sector, with rental prices in retail real estate in Hanoi and Ho Chi Minh City seeing an increase last year. Demand for retail space from foreign brands is increasing while supply remains limited, leading to nearly full occupancy in inner-city shopping centers.
Mai Vien Real Estate issued a batch of bonds worth 600 billion VND in 2021 with an interest rate of 11.5% per year. They paid 69 billion VND in interest on this mobilization last year without any late payments reported by the Hanoi Stock Exchange (HNX). This resulted in a debt-to-capital ratio of about 1.5 times, which is considered low in the real estate industry
