In an interview with journalist Nguyên Hằng for Thanh Niên newspaper, Mr. Đoàn Nguyên Đức (also known as Bầu Đức), Chairman of Hoàng Anh Gia Lai (HAGL), shared insights about the group’s return to real estate investment.
Bầu Đức had previously stated multiple times that he would “never return to real estate,” despite knowing that a few projects could generate thousands of billions in profit. However, at the Gia Lai Investment Promotion Conference in September, he announced plans to develop a housing project, sparking curiosity.
Explaining this shift, Bầu Đức revealed that the land for the project had been owned by HAGL for over 15 years, during the company’s prosperous phase. “Back then, we were like a wealthy family, so we didn’t pay much attention to it. If we had, we might have sold it to pay off debts,” he said.
He admitted that re-entering the real estate sector made him feel like he was “breaking a promise to shareholders,” but attributed it to a serendipitous rediscovery of the long-forgotten land. The project, he emphasized, is small-scale and straightforward, primarily aimed at contributing to the newly merged province.
“That’s all it is; I have no plans to expand further. I’ve stumbled before, and now I’m older. Another misstep would leave no room for recovery. HAGL will remain focused on agriculture,” Bầu Đức affirmed.
The aforementioned real estate project is the Phù Đổng Complex, a high-rise residential and premium commercial center. Spanning nearly 7,000 m² of prime land in Pleiku Ward, adjacent to Mường Thanh Hotel, it includes a 25-story mixed-use apartment block and a 3.5-story commercial townhouse area.
The total investment is estimated at 400 billion VND. The company is financially prepared to commence construction immediately upon project approval.
Alongside the Phù Đổng project, HAGL is proposing the Nam Gia Lai Eco-Tourism and Golf Resort. The provincial People’s Committee has expressed support, stating that the project will be reviewed and guided once the adjusted Provincial Planning is approved by competent authorities.
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