First Real Estate JSC

What First Real Estate JSC does

First Real Estate JSC (Công ty Cổ phần Địa ốc First Real) is a Da Nang-based real estate developer and investor founded on September 17, 2014, and publicly listed on the Ho Chi Minh Stock Exchange under the ticker FIR since October 18, 2018. The company develops, distributes, and brokers residential and mixed-use real estate across Central Vietnam, with a portfolio of 30+ projects spanning urban developments (FPT City Da Nang, 181 ha; River View, 381,540 m²; Centura City, 29.9 ha), luxury resort villas (La Rivière, 38,000 m²), and commercial market projects (Điện Nam Bắc, An Phú Shopping House). Underlying technology centers on smart urban planning and green infrastructure — most notably the FPT City Da Nang master plan designed by SOM (Skidmore, Owings & Merrill) — with smart-home and IoT features integrated via partner FPT Group's IT stack.

The business operates three revenue streams: (1) one-time real estate development and sales of land plots, townhouses, apartments, and villas to end buyers aged 25-45 and individual investors; (2) co-investment alongside developer partners (FPT Corporation, Đất Quảng Group, Quang Nam Infrastructure, An Dương) where First Real acts as distributor and capital partner; and (3) brokerage/distribution services for third-party projects, which captured an estimated 40-45% share of Da Nang real estate transactions in 2017. In September 2023 the company broadened into recurring-cash-flow real estate by taking a major stake in Bach Dang Hotel Commerce Service JSC. Subsidiaries include Protech (90%, 2017), Primo (99.5%, 2019), and FQ Vietnam (100%, 2023).

Go-to-market is sales-led: direct sales at on-site project showrooms, supplemented by a corporate website (fir.vn), news/market commentary channels, investor relations materials for HOSE-listed shareholders, and banking partnerships with Vietcombank, Techcombank, BIDV, MB, and Eximbank that finance buyer transactions. Pricing is per-unit and project-specific, with no public rate card. Confirmed FY2018 revenue was VND 167.9 billion (consolidated, up 176% YoY) and FY2019 revenue VND 328 billion, with after-tax profit of VND 78.4 billion and VND 93 billion respectively.

Name

First Real Estate JSC

Legal name

Công ty Cổ phần Địa ốc First Real

Website

https://fir.vn

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

First Real Estate JSC (HOSE: FIR) is a Da Nang-based, publicly listed real estate developer and investor that builds, distributes, and brokers residential, mixed-use, and resort projects across Central Vietnam, targeting first-home buyers aged 25-45 and individual investors.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

New Housing For-Sale Builders (236117), Offices of Real Estate Agents and Brokers (53121), Lessors of Real Estate (5311), Other Activities Related to Real Estate (531390)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

New Development & Project Marketing (Pre-Construction Sales) (FSAEAJAE)

akta.pro secondary industries

Affordable Housing & First-Time Buyer Brokerage (BPAJAAAD), Residential Investment Property Brokerage (SFR/Small Multifamily) (BPAJAAAE), Specialty Real Assets / Niche Strategies (Marinas, Student Housing, Self-Storage, Life Science RE) (FSANAEAO)

Keywords

• Residential real estate development
• Urban property development
• Real estate investment
• Land plot sales
• Luxury villa development

Headquarters

HQ city

Da Nang

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Real Estate Development & Sales: Primary revenue from developing and selling residential real estate products including land plots, townhouses, apartments, and villas across projects in Central Vietnam. Products include smart nano flats, smart townhouses (108-114m2), linked villas (118m2), semi-detached villas (216m2), and detached villas (288m2) as seen in FPT City Da Nang project.
2. Real Estate Investment: Revenue from investing in real estate projects as developer or co-investor. The company holds subsidiaries including FQ Vietnam JSC (100% owned since March 2023), Primo Real Estate Investment JSC (99.5% owned since August 2019), and became a major shareholder of Bach Dang Hotel Commerce Service JSC (September 2023), entering the 'cash flow' real estate segment.
3. Brokerage & Distribution: Revenue from real estate brokerage and distribution services. In 2017, First Real held an estimated 40-45% market share of real estate transactions in Da Nang. Successfully sold over 2,360 products across 14+ projects since establishment.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

First Real Estate JSC is a publicly listed real estate developer and investor that plans, develops, markets, and sells residential and urban properties in Central Vietnam, including land plots, townhouses, shophouses, apartments, and villas across 30+ projects. Its portfolio spans urban developments (FPT City Da Nang, River View, Centura City), luxury resort villas (La Rivière), and commercial market projects (Điện Nam Bắc), and it also acts as a real estate broker and distributor for other developers' projects in Da Nang and surrounding provinces.

Product overview

First Real is a real estate investment and development company operating in Central Vietnam. The company offers a portfolio of real estate products including urban development projects (FPT City Da Nang, River View, Centura City), luxury villa projects (La Rivière), and commercial market projects (Điện Nam Bắc Market, An Phú Shopping House). The company primarily focuses on residential land plots, townhouses, villas, and shophouse products targeting customers aged 25-45 seeking first homes with international standards. First Real is listed on the Ho Chi Minh Stock Exchange (HOSE: FIR) and has subsidiaries including Công ty Cổ phần Đầu tư Bất động sản Primo (99.5% ownership) and Công ty Cổ phần Đầu tư FQ Việt Nam.

Differentiator

Problem solved

Functional benefit

Products and services

• Khu Đô Thị Xanh Thông Minh FPT City (FPT City Da Nang) A 181-hectare smart green urban area in Hoa Hai Ward, Ngu Hanh Son District, Da Nang, featuring residential units, commercial centers, smart home/IoT integration, and smart city infrastructure designed by SOM (Skidmore, Owings & Merrill). Sold to individual home buyers and investors.
• Khu Đô Thị River View A 381,540 m2 urban development project in Dien Duong, Dien Ngoc, Quang Nam, featuring land plots and resort villas with modern architecture and six surrounding parks. Sold to individual home buyers and investors.
• Khu Biệt Thự Cao Cấp La Rivière A 38,000 m2 luxury villa project located on Bao Ninh peninsula in Dong Hoi, Quang Binh, situated between Nhat Le River and the sea, with 5-star amenities from Sun Spa Resort. Sold to affluent resort villa buyers.
• Khu Đô Thị Centura City A 29.9-hectare urban development project in An Phu Ward, Tam Ky City, Quang Nam, featuring a 15,500 m2 park, shopping areas, and international-standard infrastructure. Sold to home buyers and investors.
• Khu Phố Chợ Điện Nam Bắc A 48,000 m2 commercial market project located along the Nguyen Tat Thanh arterial road connecting Da Nang and Hoi An, featuring a 4,461 m2 central market and shophouse/commercial units. Sold to individual and commercial buyers.
• Khu Đô Thị Phố An Phú Shopping House A shopping house development within the new Điện Nam – Điện Ngọc urban area, featuring commercial spaces and residential units with comprehensive infrastructure. Sold to mixed-use home and commercial buyers.
• Real Estate Brokerage and Distribution Services Brokerage and distribution services in which First Real sells and brokers real estate products on behalf of other developers across Central Vietnam. Has successfully sold 2,360+ products across 14+ projects and held an estimated 40-45% market share of Da Nang real estate transactions in 2017. Sold to individual home buyers and investors.

Quantifiable outcome

• Successfully completed over 10,000 property transactions across 30+ projects
• +3 more outcomes

Named customers10 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

Feature2 records

Partnerships

Ten partnerships are on record, tiered major, minor and core.

• SOM (Skidmore, Owings & Merrill)majorStrategic or Co-development PartnerSOM, a world-leading urban design and planning firm, developed the master plan for FPT City Da Nang project (181 ha). SOM's sustainable urban planning approach incorporates green spaces, smart infrastructure, and international-standard development principles for the green smart city project.
• FPT CorporationmajorStrategic or Co-development PartnerFPT Corporation (Công ty Cổ phần Đô thị FPT Đà Nẵng) is the investor of FPT City Da Nang, a 181-hectare green smart city project located in Da Nang. First Real distributes and sells products within this project.
• Đất Quảng GroupmajorStrategic or Co-development PartnerĐất Quảng Group is the investor of the Khu Phố Chợ Điện Nam Bắc project, one of the key projects in the Điện Nam - Điện Ngọc new urban area in Quang Nam province.
• Quang Nam Infrastructure Investment and Development JSCmajorStrategic or Co-development PartnerQuang Nam Infrastructure Investment and Development JSC (Công ty CP Đầu tư Phát triển Hạ tầng Quảng Nam) invested as developer of Centura City project in Tam Ky, Quang Nam (29.9 ha), with First Real serving as co-investment and development partner.
• Sun Spa ResortminorStrategic or Co-development PartnerSun Spa Resort provides luxury 5-star amenities and services to the La Rivière luxury villa project in Quang Binh, including restaurants, gym, yoga, casino, pool, spa, water sports, tennis, golf, and beach facilities.
• An Dương Construction and Trading Service Company LimitedmajorStrategic or Co-development PartnerAn Dương Construction and Trading Service Company Limited (Công ty TNHH Xây Dựng Thương Mại và Dịch Vụ An Dương) is the investor of River View urban area project in Điện Dương, Điện Ngọc, Quảng Nam (381,540 m2).
• FQ Vietnam JSC (Công ty Cổ phần Đầu tư FQ Việt Nam)coreOthersFirst Real co-founded FQ Vietnam JSC in March 2023 as a wholly-owned subsidiary to expand investment activities in Vietnam.
• Primo Real Estate Investment JSC (Công ty Cổ phần Đầu tư Bất động sản Primo)coreOthersFirst Real established Primo Real Estate Investment JSC in August 2019 with 99.5% ownership stake to conduct real estate investment and trading activities.
• Bach Dang Hotel Commerce Service JSC (Công ty Cổ phần Thương mại - Dịch vụ Khách sạn Bạch Đằng)majorStrategic or Co-development PartnerFirst Real became a major shareholder of Bach Dang Hotel Commerce Service JSC in September 2023, officially entering the 'cash flow' real estate segment.
• Protech Real Estate Investment JSC (Công ty Cổ phần Bất động sản Protech)coreOthersFirst Real co-founded Protech Real Estate Investment JSC in January 2017 with 90% ownership stake as part of its subsidiary expansion strategy.

Scale indicators8 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Phat Dat Real Estate Development (PDR): HOSE-listed developer of residential and urban real estate projects across Vietnam. Comparable in product mix (townhouses, villas, apartments) and target buyer profile of mid-to-premium end-users.
• Dat Xanh Group (DXG): HOSE-listed real estate broker and developer combining brokerage/distribution with development. Closely comparable to First Real's dual developer-broker model (including its 40-45% Da Nang brokerage share history).
• Khang Dien House (KDH): HOSE-listed residential developer focused on affordable and mid-market housing. Directly comparable given First Real's 25-45 first-home buyer target and emphasis on affordable, internationally-standardized product.
• Novaland (NVL): Major Vietnamese residential real estate developer (HOSE: NVL). Comparable as a publicly listed large-scale developer of urban residential projects serving first-home buyers and investors, with a multi-province project pipeline.
• Nam Long Group (NLG): HOSE-listed residential developer with mixed product portfolio (townhouses, apartments, villas) and a focus on affordable-to-mid segment. Comparable to First Real's targeting of first-home buyers and its multi-product townhouse/villa strategy.
• Vinhomes (VHM): Vietnam's largest publicly listed residential real estate developer (HOSE: VHM). Directly comparable as a HOSE-listed for-sale residential developer; First Real is smaller and regionally focused but operates in the same Vietnamese new-housing-for-sale category.

Others

• Ho Chi Minh City Infrastructure Development (CII): HOSE-listed infrastructure and real estate investment company. Adjacent peer with overlapping public-market investor base and infrastructure-led real estate development; useful as a comparable listed Vietnamese property investment vehicle.

Regional players

• Van Phu Real Estate Investment (VPI): Vietnamese real estate developer focused on urban residential projects. Comparable in product category (urban residential developments), though it operates primarily in northern Vietnam versus First Real's Central Vietnam focus.

Emerging players

• Sun Group: Major Vietnamese private real estate and resort developer with significant Central Vietnam presence (Da Nang, Quang Ninh). Comparable in Central Vietnam geographic overlap and resort/luxury villa product mix (cf. La Rivière/Sun Spa Resort partnership).

Broad incumbents

• Becamex IDC (BCM): Large HOSE-listed real estate developer focused on industrial, urban, and residential developments. Comparable as a broad Vietnamese listed real estate player, though its core is industrial/residential mega-projects versus First Real's Central Vietnam urban focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/fir.vn
• LinkedInlinkedin.com/company/dia-oc-first-real

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 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 First Real Estate JSC