Project Financial Summary
Dong Nai Sportkation Estate
Hospitality & Sports Infrastructure · SME Startup · Dong Nai Province, Southeast Vietnam
💵 All amounts in VND · USD equivalents at 25,500 VND/USD (Q1 2026)
Total CAPEX
12.2B VND
Love Money (75%)
9.2B VND
Gross Rev. Target
228.4M/mo
Treasury build/mo (Yr 2+)
+86.3M/mo
Investment Progress
Funding Status
1.3B VND
Target: 9.2B VND
4
Investors
90
Days Left
1B
Min. Investment
Section 1
Capital Expenditure (CAPEX) Breakdown
All-in development cost of 12,200,000,000 VND — including full furnishing and equipment for the cabins and main house. Line items below reflect current Dong Nai contractor and materials pricing (Q1 2026). Starting with 8 cabins to host up to 16 guests simultaneously.
Land Acquisition
6,000 m², Dong Nai Province
4800M
39.3%
Main Villa
200m² reception, owner quarters, lounge & admin
700M
5.7%
Guest Cabins (×8)
Modular flat-roof, 40m² each, private terrace & A/C — hosts 16 guests
3200M
26.2%
Cabin Furniture & Fittings (×8)
Beds, A/C, wardrobes, terrace furniture, linens & décor for all 8 cabins
400M
3.3%
Main House Furniture & Fittings
Reception, lounge, owner quarters, dining & admin office
200M
1.6%
Commercial Kitchen & F&B Equipment
Fridges, freezers, cooking range, BBQ grills, bar setup
250M
2.0%
Pickleball Courts (×2)
Professional surface, LED night lighting, fencing
350M
2.9%
Retractable Court Roof (×2)
Openable awning roof — sun & monsoon shelter, opens for airflow & natural light
400M
3.3%
Swimming Pool
8×4m lap pool, filtration system, poolside decking
500M
4.1%
Sauna & BBQ Pavilion
Finnish barrel sauna + covered outdoor BBQ social area
250M
2.0%
Sports & Recreation Equipment
Paddles, balls, ball machine, nets, rental gear, pool loungers
150M
1.2%
Technology & Security
Wi-Fi mesh, smart locks, CCTV, POS / booking system, A/V
200M
1.6%
Landscaping & Orchard
Tropical gardens, fruit trees, pathways, lighting
250M
2.0%
Utilities & Infrastructure
Electrical grid connection, water system, septic, Wi-Fi
250M
2.0%
Pre-opening & Contingency
Permits, licenses, initial marketing, 5% contingency buffer
300M
2.5%
Total CAPEX
12,200,000,000
≈ $478K
VND
Allocation of the 12.2B CAPEX
Section 2
Financing Structure
Sportkation Dong Nai is funded through a Founders Fund (25%) and a private "Love Money" round (75%). The Love Money is patient growth capital, not a fast-repayment loan. A 12-month grace period lets the first year of cash flow build a solid treasury; from Month 13 investors earn an 8% annual yield paid monthly (interest-only) while their principal keeps working. Principal is returned at the expansion milestone — when the treasury and operating track record secure bank financing for the second location — or investors roll it into Location 2 to keep compounding. The aim is not the fastest payback; it is a strong, growing, multi-location brand in which patient capital earns well.
Founders Fund
25%
3.000.000.000 VND
≈ $118K
Love Money Round
75%
9.200.000.000 VND
≈ $361K
≈ $2.4K
≈ $29K
≈ $3.4K
Section 3
Revenue Model
Core Revenue
16 bookings × 4,200,000 VND
≈ $2.6K
18 bookings × 2,900,000 VND
≈ $2.0K
14 guests × 3,500,000 VND (full-estate exclusive)
≈ $1.9K
2 couples × 6,500,000 + walk-in stays
≈ $980
≈ $7.6K
Additional Packages & Upsells
Extra Revenue20 guests × 600,000 VND / day
≈ $471
8 sessions × 2 hrs × 500,000 VND
≈ $314
2 events × 3,500,000 VND flat fee
≈ $275
10 players × 800,000 VND
≈ $314
≈ $1.4K
Total Monthly Gross Revenue
228,400,000
≈ $9.0K
VND / month (at stabilised occupancy)
Section 4
Monthly Sales Assumptions
A realistic operating month blending weekend leisure stays with midweek corporate team-building — the mix the resort is built to capture once the B2B pipeline is live.
Sample month — cabins occupied per day
8
Private Cabins
2
Pro Courts
35%
Avg. Occupancy
Package Sales (Core Revenue)
| Package | Guests | Nights | Cabins | Revenue |
|---|---|---|---|---|
| Apex Tech — midweek offsite | 8 guests | 2 | 4 | 28.000.000 VND |
| Sportkation Classic — weekend | 10 guests | 3 | 5 | 42.000.000 VND |
| Nova — startup sprint | 6 guests | 2 | 3 | 21.000.000 VND |
| Weekend Getaway | 12 guests | 2 | 6 | 34.800.000 VND |
| Meridian — full-resort buyout | 16 guests | 2 | 8 | 56.000.000 VND |
| Group Retreat — weekend | 14 guests | 2 | 7 | 49.000.000 VND |
| Horizon — 1-night team day | 8 guests | 1 | 4 | 14.000.000 VND |
| Weekend Getaway | 10 guests | 2 | 5 | 29.000.000 VND |
| Core Package Revenue | 273.800.000 VND | |||
Add-ons & Options Revenue
| Add-on / Option | Assumption | Revenue |
|---|---|---|
| Open Bar & BBQ | Corporate + leisure groups | 20.000.000 VND |
| Pro Coaching & Facilitation | Clinics + corporate team-building | 22.000.000 VND |
| Events & Banquets | Gala dinners, birthdays, celebrations | 12.000.000 VND |
| Tournament Gift Packages | Branded gear & prizes | 7.000.000 VND |
| Total Add-on Revenue | 61.000.000 VND | |
Total Monthly Revenue (Stabilised)
334.800.000 VND
≈ $13K
85 of 240 cabin-nights sold — 35% occupancy across a realistic month of weekend leisure + midweek corporate.
Section 4 shows the realistic combined month (corporate + leisure). The financial projections in Sections 6–8 stay on the conservative base revenue in Section 3 — we finance against the floor, not the upside.
Section 5
12-Month Revenue Projection
12-Month Revenue Projection
Realistic ramp-up as marketing and referral network build
Month 1 (Launch)
71M VND
≈ $2.8K
~30% capacity
Month 3
109M VND
≈ $4.3K
Word of mouth
Month 6
163M VND
≈ $6.4K
Marketing effect
Month 12
228M VND
≈ $8.9K
Stabilised
Section 6
Monthly Operating Costs Detail
Line-by-line breakdown of all recurring monthly expenses. Salaries reflect Dong Nai Province rates (Q1 2026). All amounts in VND.
Staff & Labor
20.000.000 VND
Marketing & Digital
12.750.000 VND
Maintenance & Utilities
14.000.000 VND
F&B Cost of Goods
14.000.000 VND
Add-on & Event Costs
13.000.000 VND
Admin / Insurance / Misc
7.000.000 VND
Total Monthly OPEX
80.750.000 VND
≈ $3.2K
% of Gross Revenue
35.4%
Section 7
Operating Expenses & Profitability
Operating Expenses (OPEX) — Explicit Breakdown
≈ $784
≈ $500
≈ $549
≈ $549
≈ $510
≈ $275
≈ $3.2K
≈ $9.0K
≈ −$3.2K
≈ $5.8K
8% annual, interest-only — principal stays invested until the expansion refinance
≈ −$2.4K
≈ +$5.8K
≈ +$3.4K
Ramp-Up & Repayment Note
Revenue ramps from ~71M (Month 1, ~30% capacity) to a stabilised 228M by Month 12, clearing OPEX (~81M) around Month 3. The full first year is a grace period — no investor payments — so the business builds momentum and a treasury; the 8% investor yield (~61.3M/month, interest-only) begins in Month 13.
Section 8
Growth Roadmap
Renting land and moving fast is how we start — not where we stop. The return compounds by turning one proven location into a multi-location brand, financed increasingly by banks and the company's own treasury.
Year 1 · Foundation
Open, stabilise occupancy, and bank the first year of cash flow. No investor payments yet — every dong strengthens the treasury.
Year 2–3 · Yield & Proof
Investors begin earning their 8% annual yield, paid monthly. The treasury keeps compounding while two to three years of audited cash flow prove the unit economics.
Year 3+ · Expansion
Treasury plus track record unlock bank financing for Location 2 at favourable terms. That refinance returns investor principal — or investors roll forward into the next location for continued 8% plus growth upside.
The Brand · Locations + Events
Each location compounds the playbook. Tournaments and events become a second revenue engine and a marketing flywheel — building Sportkation into Vietnam's leading pickleball-retreat brand.
Treasury build (no investor principal repaid yet)
Section 9
Corporate Upside Scenario — Midweek Team-Building
The base case above assumes weekend-driven leisure demand at ~30% occupancy, leaving most weeknights empty. This upside scenario layers corporate team-building onto those midweek nights. Dong Nai sits ~2 hours from Ho Chi Minh City's large corporate base, making Tuesday–Thursday off-sites a realistic, repeatable demand source. Most groups are a single department taking only 3–4 cabins — only occasionally does one company buy out the full estate.
Avg. Occupancy
Gross Revenue / mo
Net Operating Income
Corporate Bookings (Sample Month)
| Group | Guests | Nights | Cabins | Revenue |
|---|---|---|---|---|
| Department offsite (Tue–Thu) | 8 guests | 2 | 4 | 28.000.000 VND |
| Startup product sprint (Tue–Thu) | 6 guests | 2 | 3 | 21.000.000 VND |
| Full-estate buyout (Tue–Thu) | 16 guests | 2 | 8 | 56.000.000 VND |
| Small team — single night | 8 guests | 1 | 4 | 14.000.000 VND |
| Corporate Core Revenue | 119.000.000 VND | |||
4 groups/month — 1 full-estate buyout, 3 partial (3–4 cabins). Teams of 6–10 people rarely fill all 8 cabins, so half the estate often stays open midweek.
Resulting Monthly Revenue
4 midweek groups (see above)
≈ $4.7K
Weekend leisure
≈ $1.6K
Two weekends
≈ $2.5K
One full-estate weekend
≈ $1.9K
≈ $11K
Higher guest volume
≈ $784
Corporate activities + pro coaching
≈ $863
Group dinners & celebrations
≈ $471
Team competitions & gifts
≈ $275
≈ $2.4K
Gross Revenue (Upside)
334.800.000 VND
≈ $13K
VND / month at ~35% occupancy
Operating Costs at Higher Activity
More guests and corporate catering raise variable costs. Fixed costs (owned land, core staff, courts) stay flat, so total OPEX rises to ~31% of revenue — slightly leaner than the 35% base case thanks to scale.
≈ $941
≈ $510
≈ $667
≈ $863
≈ $824
≈ $314
≈ $4.1K
≈ $13K
≈ −$4.1K
≈ $9.0K
≈ −$2.4K
≈ +$6.6K
Key Assumption
This upside depends on an active B2B sales effort — landing ~4 small corporate groups a month will not happen inbound. It requires corporate rate cards, HR / People-Ops outreach, and event-agency partnerships. Without that pipeline, midweek reverts to the ~10% occupancy of the base case. The 16-guest cap also limits each booking to small teams.
Section 10
2026 Legal & Tax Incentives — "The Pitch Winner"
Three major 2026 Vietnamese policy shifts directly benefit this project:
CIT Exemption — Decree 20/2026/ND-CP
As a newly registered SME, the project qualifies for a 3-year Corporate Income Tax exemption, followed by a 50% reduction for the next 4 years. This preserves ~94M VND/month for reinvestment during scale-up.
Land Conversion Discount
Under the 2026 Land Law amendments, converting garden/pond land to residential requires only 30% of the price difference payment, significantly lowering future expansion costs.
Construction Permit Exemption
Structures under 7 stories in rural/developing zones qualify for the 2026 permit exemption for low-rise cabins, accelerating build time by 4–6 months.
Section 11
Risk Mitigation
Fixed-Rate Love Money
Love Money is raised at a fixed 6% annual rate — immune to interest rate spikes. With a base-case NOI of 147.7M/month against a monthly repayment of 128.6M, the project stays cash-flow positive through the 7-year repayment window, with substantial additional headroom once the corporate-upside occupancy (NOI 229.8M) is reached.
Conservative Ramp-Up
The model assumes a ramp-up starting at only 30% capacity in Month 1 and reaching OPEX breakeven (~81M) around Month 3, well before Love Money repayment begins at Month 6. This 5-month grace period provides a realistic safety margin rather than assuming full occupancy from day one.
Land Asset Appreciation
The 6,000 m² Dong Nai land is an appreciating hedge. Dong Nai land prices are trending +8–12% annually in 2026 due to HCMC-adjacent infrastructure and the Long Thanh airport project. Exit value grows independently of operations.
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