Lease the land.
Install capsule homes.
An alternative funding model for Sportkation Dong Nai: a 10-year land lease instead of a 4.8B purchase, and imported luxury capsule homes instead of built cabins. Everything else — revenue, packages, operations — is unchanged.
💵 All amounts in VND · USD equivalents at 25,500 VND/USD (Q1 2026)
Total CAPEX
5.25B VND
Love Money (43%)
2.25B VND
Gross Rev. Target
228.4M/mo
Treasury build/mo (Yr 2+)
+98.7M/mo
Investment Progress
Funding Status
1.3B VND
Target: 2.3B VND
4
Investors
90
Days Left
200M
Min. Investment
Section 1
Capital Expenditure (CAPEX) Breakdown
Scenario B removes the 4.8B land purchase (now a 10-year lease, shown in operating costs) and swaps built cabins for imported luxury capsule homes. The remaining build items are unchanged.
Land Lease (rented)
6,000 m², Dong Nai — 10-year lease, rent shown in OPEX (not CAPEX)
0M
0.0%
Main Villa
200m² reception, owner quarters, lounge & admin
700M
13.3%
Luxury Capsule Homes (×8)
Imported furnished capsule units, ~24 m² each, crane-installed — hosts 16 guests
2652M
50.5%
Pickleball Courts (×2)
Professional surface, LED night lighting, fencing
350M
6.7%
Swimming Pool
8×4m lap pool, filtration system, poolside decking
500M
9.5%
Sauna & BBQ Pavilion
Finnish barrel sauna + covered outdoor BBQ social area
250M
4.8%
Landscaping & Orchard
Tropical gardens, fruit trees, pathways, lighting
250M
4.8%
Utilities & Infrastructure
Electrical grid connection, water system, septic, Wi-Fi
250M
4.8%
Pre-opening & Contingency
FF&E, permits, initial marketing, 5% contingency buffer
300M
5.7%
Total CAPEX
5,252,000,000
≈ $206K
VND
Section 2
Financing Structure
Sportkation Dong Nai is funded through a Founders Fund (57%) and a private "Love Money" round (43%). Leasing the land lets us open fast and keep capital light, so the treasury builds even sooner. 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
57%
3.000.000.000 VND
≈ $118K
Love Money Round
43%
2.252.000.000 VND
≈ $88K
≈ $589
≈ $7.1K
≈ $2.9K
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
Detailed breakdown of a typical stabilised month. Based on 8 cabins (2 guests/cabin, 16 max), 2 professional courts, and the actual consumer packages listed on sportkation.com.
8
Private Cabins
2
Pro Courts
30%
Avg. Occupancy
Package Sales (Core Revenue)
| Package | Guests | Nights | Cabins | Revenue |
|---|---|---|---|---|
| Sportkation Classic (Week 1) | 10 guests | 3 | 5 | 42.000.000 VND |
| Sportkation Classic (Week 4) | 6 guests | 3 | 3 | 25.200.000 VND |
| Weekend Getaway (Week 2) | 12 guests | 2 | 6 | 34.800.000 VND |
| Weekend Getaway (Week 4) | 6 guests | 2 | 3 | 17.400.000 VND |
| Group Retreat (Week 3, exclusive) | 14 guests | 2 | 7 | 49.000.000 VND |
| Couples Retreat | 2 couples | 2 | 2 | 13.000.000 VND |
| Weekday Stays (walk-in / short) | ~12 guests | 1-2 | 2-4 | 12.000.000 VND |
| Core Package Revenue | 193.400.000 VND | |||
Add-ons & Options Revenue
| Add-on / Option | Assumption | Revenue |
|---|---|---|
| Open Bar — Beers & Drinks | 20 guests × 600,000 VND / day | 12.000.000 VND |
| Pro Coaching Sessions | 8 sessions × 2 hrs × 500,000 VND | 8.000.000 VND |
| Birthday / Event Package | 2 events × 3,500,000 VND flat fee | 7.000.000 VND |
| Tournament Gift Package | 10 players × 800,000 VND | 8.000.000 VND |
| Total Add-on Revenue | 35.000.000 VND | |
Total Monthly Revenue (Stabilised)
228.400.000 VND
≈ $9.0K
30% occupancy — 72 cabin-nights used of 240 available. Weekend-heavy model with ~75% weekend, ~10% weekday occupancy.
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
10.000.000 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
139.182.531 VND
≈ $5.5K
% of Gross Revenue
60.9%
Section 7
Operating Expenses & Profitability
Operating Expenses (OPEX) — Explicit Breakdown
≈ $784
≈ $392
≈ $549
≈ $549
≈ $510
≈ $275
≈ $3.1K
≈ $9.0K
≈ −$3.1K
≈ $5.9K
10-year lease — healthy-rent assumption
≈ −$2.4K
8% annual, interest-only — principal stays invested until the expansion refinance
≈ −$0.6K
≈ +$3.5K
≈ +$2.9K
Ramp-Up & Repayment Note
Revenue ramps from ~71M (Month 1, ~30% capacity) to a stabilised 228M by Month 12. Including the ~37M land rent the business is cash-positive early; the full first year is investor-payment-free (building treasury), and the 8% yield (~15.0M/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
Land Rent Break-Even
The land rent is the one unknown. The thresholds below are deliberately conservative — they assume a fully-amortised 5-year loan (net before rent 106.9M − rent). The actual patient, interest-only structure leaves far more headroom, so any rent that clears this bar is comfortably safe.
Healthy (20% net margin)
Max rent
61.2M/mo
≈ $2.4K /mo
734.190.371,469 VND /yr
Parity with buying
Max rent
134.3M/mo
≈ $5.3K /mo
1.611.891.660,318 VND /yr
Break-even ceiling
Max rent
106.9M/mo
≈ $4.2K /mo
1.282.350.371,469 VND /yr
Target the 10-year lease under ~61M VND/month (~$2,400). After the loan is repaid (years 6–10), affordable rent rises to ~150M/month.
If capsules cost more
| Capsule tier | CAPEX | Rent ceiling/mo |
|---|---|---|
| Budget $13K (base) | 5.25B | 106.9M/mo |
| Mid $20K | 6.68B | 79.3M/mo |
| Premium $33K | 9.33B | 28.0M/mo |
Over 10 years, renting at the healthy rate costs ~7.34B — now above the 4.8B purchase price, though with 6.95B less capital upfront. Capsules (2.65B) still undercut a proper cabin build (3.2B). The trade-off: no land asset at lease end, and capsules depreciate.
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 8% annual rate — immune to interest rate spikes. With a NOI of 150.4M/month vs. a monthly repayment of only 116M, the project remains cash-flow positive throughout the 5-year repayment window with a 30%+ coverage margin.
Conservative Ramp-Up
The model assumes a ramp-up starting at only 30% capacity in Month 1 and reaching OPEX breakeven (~78M) 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.
Lease renewal & no land ownership
The 10-year lease carries renewal and rent-increase risk, and leaves no land asset at term end. Mitigation: negotiate a renewal option and a capped annual escalation up front, and keep rent well under the 37M/month healthy ceiling so there is margin to absorb increases.
Capsule import & depreciation
Imported capsules depreciate and depend on shipping/customs. Mitigation: budgeted landed cost includes freight, duty and install; units are relocatable to another site if the lease ends, preserving residual value.
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