Phat Dat Real Estate Development : and MB Bank ink a collaboration agreement to fund Thuan An 1&2 Project

On November 17, 2023, Phat Dat Real Estate Development Corporation (HOSE: PDR) and Military Commercial Joint Stock Bank (MB Bank) inked a comprehensive collaboration agreement to provide credit facilities to the developers and customers involved in Phat Dat's projects.

Representatives of Phat Dat and MB Bank ink the collaboration agreement.

Under this agreement, Phat Dat and MB Bank are committed to reinforcing their collaboration, aiming to establish a comprehensive partnership to fully leverage the potential and strengths of both entities.

The focal point of this collaboration is the Thuan An 1 & 2 high-rise residential complex, spanning an impressive 4.47 hectares. Strategically positioned in the heart of Thuan An City, the project connects significant industrial zones in Binh Duong Province. Having successfully navigated all legal procedures, the project boasts an investment exceeding VND 10.8 trillion to offer a diverse range of products such as apartments, shop-houses, and townhouses.

MB Bank will deliver an all-encompassing financial solution for the project, committing over VND 6 trillion for the developers and customers who are investing in properties within the project.

Mr. Bui Quang Anh Vu - CEO of Phat Dat Real Estate Development Company, and Mr. Le Hoa Thuan - Director of MB Bank, Saigon branch, shake hands on the collaboration.

Speaking at the ceremony, Mr. Ha Trong Khiem, Deputy General Director of MB Bank, expressed high appreciation for Phat Dat's unwavering efforts amidst the challenging real estate market. He emphasized, "After thorough due diligence process, MB Bank places full trust in the reputation and capability of Phat Dat, as well as the project with its completed legal procedures and product offerings that cater to the genuine needs of customers.

He further elaborated: "The collaboration on the Thuan An 1 & 2 project marks the initiation of future projects under discussion, including Bac Ha Thanh Urban Area (Binh Dinh) and the project at 223 Tran Phu Street (Da Nang City). This partnership is expected to yield advantages for all stakeholders involved."

Mr. Bui Quang Anh Vu, CEO of Phat Dat, stated, "The comprehensive cooperation with MB Bank empowers Phat Dat in many ways, fortifying its financial resilience, ensuring progress in construction and handover, and bolstering competitiveness in the market. Moreover, the customer's bank guarantee offered by MB Bank will facilitate customers' investing in the project and optimizing their investment."

In 2023, Phat Dat focused on a portfolio restructuring strategy to prioritize projects in promising markets. Among these, Thuan An 1 & 2 high-rise residential complex stands out as a key project with a total investment surpassing VND 10.8 trillion, slated for launch in the first quarter of 2024.

"The extensive collaboration between Phat Dat and MB Bank underscores our commitment to mutually support both entities' business strategies. Drawing on our respective strengths, we expect to form a synergistic partnership, leveraging advantages to attain the utmost efficiency in cooperation," asserted Mr. Vu in his statement.