The People’s Committee of Hai Phong City has issued Decision 1154/QD-UBND on the allocation of land for the implementation of the investment project to construct a commercial and service complex at Lot CC/29-4, Kenh Duong Ward, Le Chan District.

The 37-story mixed-use tower project

According to this decision, Hai Phong City approved the conversion of 10,106.6 sq. m of rice cultivation land in Kenh Duong Ward, Le Chan District, for non-agricultural purposes, specifically for construction.

With this conversion, the city has allocated 11,321.5 sq. m of land in Lot CC/29-4, Kenh Duong Ward, Le Chan District, Hai Phong City, to Trang An Real Estate Investment Joint Stock Company. This lot includes 10,547.4 sq. m of land for construction and 774.1 sq. m of land for shared transportation.

The land use term is 50 years, commencing from October 18, 2024 (the date of the Decision recognizing the auction results for land use rights).

The project was approved for investment by the People’s Committee of Hai Phong City in September 2023, with a total investment of over VND 3,027 billion. This includes a project implementation cost of over VND 3,026 billion and a land protection cost of over VND 1.3 billion.

As per the design, the project will comprise a 37-story mixed-use tower, including a 4-story podium, a 33-story tower, and 3 basement levels. The total floor area is approximately 148,500 sq. m, of which over 21,000 sq. m is allocated for two basement parking levels, over 19,000 sq. m for commercial and service space, and approximately 104,000 sq. m for residential space, encompassing a total of 983 apartments.

Hai Phong Project Design

Trang An Real Estate Investment Joint Stock Company was established in May 2024, with its head office located in Gamuda Gardens Urban Area, Hoang Mai District, Hanoi. The company specializes in real estate business with an initial charter capital of VND 468 billion. The founding shareholders include Mr. Nguyen Trong Hieu (contributing 80%), Mr. Luu Trong Thien (10%), and Mr. Nguyen Manh Ha (10%). In August 2024, the company adjusted its charter capital to VND 800 billion.

In November 2024, the company’s legal representative was changed to Mr. Liew Bing Fooi, a Malaysian national.

Mr. Liew Bing Fooi concurrently serves as the legal representative for multiple companies operating in the real estate sector in Vietnam, including Van Lam Investment Co., Ltd.; Urban and Park Development Co., Ltd. by West Lake and Yen So Park; Gamuda Land Binh Duong Co., Ltd.; Dan Xuan Real Estate Joint Stock Company; Gamuda Land Joint Stock Company; Truong Tin Construction and Housing Business One Member Limited Company; Gia Phu Construction and Housing Business Joint Stock Company; Tam Luc Real Estate Joint Stock Company; Bac Viet Real Estate Investment Consulting Company Limited; and Gamuda Land Nam Viet One Member Limited Company.

According to information from the Gamuda Land website, Gamuda Land, established in 1995, is the real estate development arm of Gamuda Berhad, a leading Malaysian infrastructure and construction conglomerate.

Entering the Vietnamese market in 2007, Gamuda Land currently invests in several large-scale projects, including Gamuda City in Hanoi, Artisan Park in Binh Duong, Springville in Dong Nai, and Celadon City, Elysian, Eaton Park, and The Meadow in Ho Chi Minh City.

According to Gamuda’s latest quarterly report submitted to the Malaysian Stock Exchange (Bursa Malaysia), Gamuda has secured a prime location in Hai Phong for VND 1,000 billion, while the total land development value is estimated at VND 222 million.

Gamuda plans to initiate the project during the 2026 financial year (ending in July 2026) and complete it by the 2028 financial year.

Gamuda also reported that, for the first half of the 2025 financial year (August 2024 – January 2025), real estate sales revenue increased by 50% compared to the same period last year, reaching 1.8 billion ringgit, with foreign markets contributing 67% (approximately 1.2 billion ringgit). Vietnam was the largest market, generating 1.1 billion ringgit (approximately VND 6,800 billion) in revenue.

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