SG Property Intelligence Vinhomes - ASEAN Real Asset Forum takeaways

Research evidence excerpt

SG Property Intelligence Vinhomes - ASEAN Real Asset Forum takeaways

J P M O R G A N Asia Pacific Equity Research

10 July 2026

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SG Property Intelligence

Vinhomes - ASEAN Real Asset Forum takeaways

Singapore/ASEAN Property and

REITs

Vinhomes - ASEAN Real Asset Forum takeaways. We recently hosted VHM as AC Terence M Khi

part of our ASEAN Real Asset Forum. Management’s messaging reflects a

(65) 6882-1518

company that has completed its land accumulation phase and is now firmly focused terence.ml.khi@jpmorgan.com

on monetization, execution and cash flow generation. VHM clarified that the AC Mervin Song, CFA

slowdown in landbank expansion applies only to entirely new land acquisition (65) 6882-7829

initiatives, while a substantial pipeline of projects continues to progress through mervin.song@jpmorgan.com

government approvals and development processes. The emphasis over the next J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

several years will be on converting the existing landbank into revenue, profit and Morgan Broking (Hong Kong) Limited

cash flow, with the overall narrative increasingly centered on infrastructure-linked

value creation, maintaining strong absorption rates in the mid-market housing

segment, and leveraging Vietnam’s ongoing infrastructure boom to unlock value

from some of the country’s largest master-planned developments. Link (Source:

J.P. Morgan)