“Trump Group’s $1.5 Billion Project Takes Off: How Land Prices in the Once-Rural District Are Responding”

Just a few years ago, the mention of Khoai Chau district in Hung Yen province would evoke images of a tranquil agricultural region nestled alongside the Red River. However, this area is now at the forefront of real estate investors’ attention as a $1.5 billion project involving The Trump Organization, owned by former US President Donald Trump’s family, continues to make headlines.

Recently, Deputy Prime Minister Tran Hong Ha approved the investment proposal for a mixed-use urban, eco-tourism, and golf course complex in Khoai Chau, Hung Yen.

The project is planned on over 990 hectares of land across seven communes: Tu Dan, Tan Chau, Dong Ket, Dong Ninh, Dai Tap, Lien Khe, and Chi Minh in Khoai Chau district.

It comprises four sub-areas: an eco-residential area with a premium golf course (accommodating 3,500 people); an eco-residential area with an eco-golf course (1,800 people); a commercial and service urban area (29,700 people); and a green space with a themed park.

The golf course, spanning more than 240 hectares, will feature 54 holes, including 36 and 18-hole courses. The project also allocates 7.3 hectares for social housing and a 99-hectare themed park.

With a total investment of nearly VND 39,800 billion (approximately $1.53 billion), including over VND 4,000 billion for compensation and resettlement support, the project is slated to operate for 50 years, with construction commencing in Q2 2025 and expected completion by Q2 2029.

The Hung Yen People’s Committee is responsible for selecting the project investor, ensuring efficient land resource management. The Trump Organization proposed this investment, as per the memorandum of understanding signed between the Committee and the organization in the US in late September 2024.

With its massive scale, proximity to Hanoi, and international brand association, the project has created a ripple effect in the surrounding real estate market.

According to Batdongsan’s survey, land prices in the Khoai Chau district have surged by 102% in the past year, with an average selling price of VND 29.7 million per square meter.

Mr. Van Duy, a local real estate broker, shared that he is currently offering several land plots near the golf course project, with prices ranging from VND 23 to 35 million per square meter, depending on location and legal status. Compared to late last year when information about the project was just leaking out, prices have nearly doubled. “Back then, prices hovered around VND 15 million per square meter, and some places were even lower,” Mr. Duy remarked.

According to this broker, most of the plots he is selling are from investors who bought them when the project was still in the proposal stage. Meanwhile, local landowners tend to hold onto their properties, awaiting further price increases or looking for investment opportunities.

Ms. Thanh Hien, another real estate broker in Khoai Chau, is offering a 78-square-meter plot with a 5-meter frontage in Ninh Tap village (Dai Tap commune), just 500 meters from the golf course project site. The asking price is VND 2 billion, equivalent to approximately VND 25.5 million per square meter.

According to Ms. Hien, since the Lunar New Year and especially with the recent developments in the $1.5 billion project, the real estate market in Khoai Chau has regained momentum. The communes close to the project are attracting investment capital. Many people are seizing this opportunity to sell and push prices higher.

Another broker, Mr. Phuong, stated that the current price of residential land in the project’s vicinity is around VND 25 million per square meter, while auctioned land plots on the main axis or in prime locations can reach VND 40-42 million per square meter.

According to Mr. Phuong, the price hike is not only due to the buzz surrounding the $1.5 billion golf course project but also the ongoing planning for a 56-kilometer heritage road in the area. Additionally, the number of transactions has improved compared to the pre-holiday period.