What DRH Holdings does

DRH Holdings (Công ty Cổ phần DRH Holdings) is a publicly listed Vietnamese multi-industry investment holding company headquartered at 67 Hàm Nghi, District 1, Ho Chi Minh City, and traded on the Ho Chi Minh Stock Exchange (HOSE) under ticker DRH since July 2010. The company operates through four core segments: (1) real estate development of residential projects including D-Vela Residences (District 7, 168 apartments + 82 officetels + 9 shophouses), Aurora Residences (District 8, 445 apartments + 32 officetels + 9 shophouses, two river frontages), Central Garden (Binh Duong, 142 garden villas), and Symbio Garden (District 9, 139 shophouses with a Swedish Symbio City-inspired healthcare-integration design); (2) building materials manufacturing through its associated mining and construction company KSB (28.1% ownership), with mineral reserves exceeding 400 million tons and 30-year extraction licenses covering construction stone, kaolin, and reinforced concrete pipes; (3) industrial park development via the 553-hectare KSB Industrial Park (KSIP) in Bac Tan Uyen, Binh Duong, with a stated ambition to scale toward 1,000 hectares; and (4) financial investment, including the KSB stake and a 200 billion VND bond issuance in October 2018 coordinated with VCBS.

The company's go-to-market combines direct sales through wholly-owned subsidiaries (Thuận Tiến, Đông Sài Gòn, An Phú Long, BIMICO, Bình Đông) with exclusive distribution partners such as Eximrs (Aurora Residences) and Hưng Gia Việt (Central Garden and Symbio Garden). Projects are marketed via the corporate website (drh.vn), social media channels (Facebook, YouTube), project launch events, and earned media in Vietnamese business publications, supplemented by an investor relations program targeting HOSE disclosures. Pricing follows a unit-pricing model in Vietnamese Dong, ranging from 1.1 billion VND per Aurora Residences unit to 15–19 million VND per m2 for Central Garden villas, with buyer financing facilitated through Lien Viet Post Bank (up to 70% LTV).

The customer base spans Vietnamese individual homebuyers, retail and mid-market property investors, B2B industrial tenants at KSB Industrial Park, and construction firms procuring building materials. The company was founded in 2006 with 16.35 billion VND charter capital and has progressively scaled capital to 1,243 billion VND by 2022, while revenue has contracted sharply from approximately 3.28 trillion VND in 2021 to roughly 225 billion VND in 2025, with negative gross profit and negative EBITDA through 2024–2025 and an administrative securities penalty in 2024 — signals that warrant close attention despite the multi-segment platform and KSB mineral-resource backing.

Name

DRH Holdings

Legal name

Công ty Cổ phần DRH Holdings

Website

https://drh.vn

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

DRH Holdings is a Vietnamese publicly listed holding company developing residential real estate, building materials, and industrial parks, primarily serving homebuyers, property investors, and industrial tenants across Ho Chi Minh City and Binh Duong province.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Land Subdivision (2372), Land Subdivision (23721)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Industrial Park Owners Association Management (BPAJAHAH)

Keywords

• Residential real estate development
• Industrial park development
• Building materials manufacturing
• Property investment
• Construction materials supply

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Real Estate Development: DRH Holdings develops and sells residential projects including apartments, shophouses, townhouses, and villas. Key projects include D-Vela Residences, Aurora Residences, Central Garden, and Symbio Garden. Revenue is recognized from property sales to end customers and investors.
2. Financial Investment: Investment in associated companies and financial instruments. DRH Holdings increased its stake in KSB (Khoáng sản và Xây dựng Bình Dương) to 28.1% ownership, generating investment income from this building materials and mining company.
3. Industrial Zone Development: Development and management of industrial zones including KSB Industrial Park (553 ha in Bình Dương). The company has developed over 300 ha and plans to expand to 1,000 ha.
4. Building Materials Manufacturing: Through subsidiaries and affiliates, DRH produces construction materials including aggregates (stone, sand), kaolin, concrete, and concrete pipes. Production capacity exceeds 400 million tons.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

DRH Holdings develops and sells residential real estate projects (apartments, shophouses, townhouses, and villas) in Ho Chi Minh City and Binh Duong province, operates the 553-hectare KSB Industrial Park, and manufactures construction materials including stone, concrete, and kaolin through mining operations. The company also conducts financial investments, notably holding a 28.1% stake in KSB (Khoáng sản và Xây dựng Bình Dương).

Product overview

DRH Holdings is a Vietnamese real estate investment company operating through four core business segments: (1) Real Estate Development with residential projects D-Vela Residences, Aurora Residences, Central Garden, and Symbio Garden; (2) Building Materials Manufacturing producing construction stone, concrete products, and kaolin from mining operations with 400+ million tons reserves; (3) Industrial Park Development with KSB Industrial Park (553 ha in Binh Duong); and (4) Financial Investment including stake in KSB (28.1%) and bond issuances. The company transitioned to a Holdings model in 2018 and has grown its chartered capital from 16.35 billion VND in 2006 to 1,243 billion VND in 2022.

Differentiator

Problem solved

Functional benefit

Brands

• D-Vela Residences: Boutique-style apartment project in District 7, Ho Chi Minh City with 168 apartments and 82 officetels
• Aurora Residences
• Symbio Garden
• Central Garden
• KSB (Khu công nghiệp KSB)

Products and services

• D-Vela Residences Boutique-style residential apartment project offering 168 apartments, 82 officetel units, and 9 shophouses with modern architecture and open-space design. Located at 1177 Huynh Tan Phat, District 7, Ho Chi Minh City. Targeted at individual homebuyers and investors seeking premium urban living.
• Aurora Residences Waterfront apartment complex with 445 apartments, 32 officetel units, and 9 shophouses, featuring 100% river-view units with Nordic-inspired architecture designed by DKO (Australia). Each unit has 2-3 open faces for natural ventilation and light. Located at 277 Ben Binh Dong, District 8, Ho Chi Minh City. Targeted at homebuyers and investors seeking waterfront urban living.
• Central Garden Premium garden villa and townhouse project with 142 units plus 4 villas on 26,745 m2 land area, featuring imported French grass, 999 rose garden, 130 old trees, and a royal-style entrance inspired by Buckingham Palace gardens. Located in Lai Thieu, Thuan An district, Binh Duong province. Targeted at upper-middle-class homebuyers seeking premium villa living.
• Symbio Garden Mixed-use commercial and healthcare services complex inspired by the Swedish Symbio City model emphasizing symbiosis between nature, people, science, and infrastructure. Features 43 shophouses plus 94 townhouses on 34,737.7 m2 land with 37% building density, located on D400 street, District 9, Ho Chi Minh City, adjacent to a hospital. Targeted at investors and businesses seeking healthcare-integrated commercial and residential spaces.
• KSB Industrial Park (KSIP) 553-hectare industrial park in Bac Tan Uyen, Binh Duong province comprising Zone A and Zone B with complete infrastructure (power, water, wastewater treatment, telecommunications). Fully occupied with manufacturing tenants. Targeted at manufacturing companies and industrial businesses seeking developed industrial land.
• Construction Stone (Đá xây dựng) Construction stone (aggregate) produced from mining operations supplying major infrastructure projects in Southern Vietnam including those near Long Thanh Airport and Dau Giay-Phan Thiet highway. Sourced from reserves exceeding 400 million tons under 30-year mining licenses. Targeted at construction firms and infrastructure developers.
• Concrete Products (Bê tông) Reinforced concrete pipes and related products manufactured with modern equipment, used in infrastructure, drainage, and industrial construction projects. Targeted at construction firms and infrastructure developers.
• Kaolin (Cao Lanh) Kaolin mineral mined and processed for use in ceramics, porcelain, paint, plastics, rubber, and fertilizer industries. Sourced from mining operations with reserves exceeding 400 million tons. Targeted at industrial manufacturers in ceramics, paint, plastics, rubber, and fertilizer sectors.

Quantifiable outcome

• Charter capital grew from 16.35 billion VND (2006) to 1,243 billion VND (2022), representing 76x increase
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Eximrs (Exim Real Estate Services)coreChannel Partner/ Reseller/ Distributor · 1 January 2018DRH Holdings partnered with Eximrs as the exclusive distribution agent for Aurora Residences project. Eximrs handled marketing and sales of the 445-unit apartment project in District 8, Ho Chi Minh City, with units priced from 1.1 billion VND.
• Hưng Gia ViệtcoreChannel Partner/ Reseller/ Distributor · 1 November 2017Hưng Gia Việt served as the marketing partner for Central Garden and Symbio Garden projects. The company co-organized project launch events and assisted with sales distribution for both residential projects.

Scale indicators12 records

Recent moves11 records

Expansion highlights4 records

Direct peers

• Vinhomes: Vinhomes (HOSE: VHM) is Vietnam's largest residential real estate developer, part of Vingroup. It develops large-scale master-planned urban townships including Vinhomes Grand Park, Ocean Park, and similar projects, directly competing with DRH in the HCMC residential market.
• Nam Long Group: Nam Long (HOSE: NLG) develops integrated townships and residential projects in HCMC and surrounding provinces, including affordable housing segments. Comparable project profile and geographic footprint to DRH's HCMC-area developments.
• Dat Xanh Group: Dat Xanh (HOSE: DXG) is a HCMC-based real estate services and development company operating brokerage, development, and management services. Comparable mid-cap HCMC residential developer profile.
• Novaland Investment Group: Novaland (HOSE: NVL) is one of Vietnam's largest residential property developers focused on mid-to-high-end apartments, villas, and townships primarily in HCMC. Comparable business model and customer segments as DRH.
• Phat Dat Real Estate Development: Phat Dat (HOSE: PDR) is a HCMC-based residential and commercial real estate developer with similar project size and positioning. Both companies operate in the same geographic markets and target customer segments.
• Sonadezi Corporation: Sonadezi (HOSE: SNZ) develops and manages industrial parks across Vietnam, primarily in Dong Nai and surrounding southern provinces. Closely comparable industrial park business model to DRH's KSB operations.
• Khang Dien House Trading and Investment Joint Stock Company: Khang Dien (HOSE: KDH) develops affordable and mid-range residential housing in HCMC's outer districts. Similar mid-scale project focus and target customer base of middle-class Vietnamese homebuyers.
• An Gia Real Estate Investment and Development Corporation: An Gia (HOSE: AGG) develops mid-range residential apartments and shophouses in HCMC. Similar project type, scale, and target market as DRH's D-Vela and Aurora Residences offerings.
• Becamex IDC Corporation: Becamex IDC (HOSE: BCM) is the dominant industrial park developer in Binh Duong province, where DRH's KSB Industrial Park is located. Directly comparable as both develop and operate industrial zones serving Vietnam's manufacturing sector.

Emerging players

• KSB (Khoáng sản và Xây dựng Bình Dương): KSB (HOSE: KSB) is a mining and construction materials company in which DRH holds a 28.1% stake. It produces aggregates, concrete, and kaolin, directly comparable to DRH's building materials manufacturing segment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCy08OL0b8reSMuPPn6VtTJw?view_as=subscriber
• Facebookfacebook.com/DRH-Holdings-115111636536000
• LinkedInlinkedin.com/company/drh-holdings-joint-stock-company

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DRH Holdings