Six Senses Saigon River

Project Description

Six Senses Sai Gon River is owned by Hai Dung Limited Company – a 95% owned subsidiary of Ninh Van Bay . The project situated at Ben Co village, Dai Phuoc ward, Nhon Trach district, Dong Nai province. The project seats right on the 1000-meters riverside of Dong Nai River. Its north shares the border with Cai River (a branch of Dong Nai River), the south borders with a high voltage electric line and a road under designed, the east and west boders with Cong Lon canal. Situated on a very advantageous area and is 45 minute bus travel from Tan Son Nhat airport, about 25 minute ferry travel from District 1 center and 30 kilometers far from Long Thanh airport (Dong Nai province).

The project is managed by Six Senses Corporation, the Thailand-based world’s leading property management firm in a 3-year management contract with Ninh Van Bay from its first operating date.

Project Scale

Total land area of the project is 553,265 square meters. The first stage construction is being undertaken on 325,763 square metters. Details of land use rights for the first stage is as follows:

  • 36,854 m2 of land which was already paid for in a lumsum for period of 50 years
  • 288,909 m2 of leased land whose payment will be made annually for period of 50 years.

The project was kicked off in Sep 2008, and is expected to finish in mid 2011. The project consists of resort (40 apartments, 70 luxury villas and 2 president villas) and 50 villas for sales and property arrangements.

Capital Structure

Total investment capital amounts to USD36 million (in equivalent to VND666 billion) and capital structure is as follows:

  • Owners’ equity: USD11.5 million (VND213 billion)
  • Borrowed capital: USD21.6 millions (400 billion)
  • Other types of equity: USD 2.9 millions (VND53 billion)

Forecasted Financial Results

Luxury villas accommodation services will be available in the mid 2011 with a total of 106 rooms. We assume an average occupancy rate of 50% in the first operating year and of 70% from the second year of operation. Business results for the first 4 years are projected as follows:

Unit: USD
2011
2012
2013
2014
Revenue
4,043,834
9,786,078
12,455,008
13,700,509
Revenue from Hotel Renting
2,608,925
6,313,599
8,035,489
8,839,038
Service Revenue
1,434,909
3,472,479
4,419,519
4,861,471
Direct expense
2,345,424
5,675,925
7,223,905
7,946,295
EBITDA
1,698,410
4,110,153
5,231,103
5,754,214
Depreciation
488,346
976,693
976,693
976,693
EBIT
1,210,064
3,133,460
4,254,410
4,777,521
Interest expenses
627,499
1,163,169
918,292
673,414
EBT
582,564
1,970,290
3,336,119
4,104,107
Income Tax
145,641
492,573
834,030
1,026,027
Net Income
436,923
1,477,718
2,502,089
3,078,080
EBITDA/Revenue
42%
42%
42%
42%
EBIT/Revenue
30%
32%
34%
35%
EBT/Revenue
14%
20%
27%
30%
Net Income/Revenue
11%
15%
20%
22%
Net Income/ Owners’ equity
4%
15%
26%
32%
 
  • Real Estate business activities refer as the sales of villas under “turnkey” solution or property management schemes for purchasers. The financial result is forecasted as follows:

Unit: USD
2011
Total Revenue 
62,400,000
Total Cost
37,441,419
Net Inconme
24,958,581
NPV
11,532,256
IRR
41%
Payback period (Months)
39

Project Current Status

By Feb 2010, the ground clearance is almost finished. Sample villas built and 30 villas are in good progress of construction.


For futher information, please do not hesitage to contact:

Ninh Van Bay Travel Real Estate JSC - HCMC Sales office

Add: 1st Floor, Centre Point Building, 106 Nguyen Van Troi St.,
        Ward 8, Phu Nhuan Dist., HCMC, Vietnam.
Tel:  +848 6266 8686      

Fax:  +848 6255 3939

Hotline: +84 (0) 938 45 8686    
E-mail: salesvillas@ninhvanbay.vn

 

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