Nearly VND 22,000 Billion Invested in Project, Spanning Two Phases Until 2040
On October 28, Mr. Nguyễn Tuấn Thanh, Vice Chairman of Gia Lai Provincial People’s Committee, signed a decision approving the selection of investors for the “Phú Hòa Lake Urban – Tourism – Culture – Sports Area” project, which had been dormant for over a decade, with investment levels increasing manifold.
The winning bidder is a consortium comprising Geleximco Group – Joint Stock Company (GELEXIMCO), Glexhomes Joint Stock Company (GLEXHOMES), Phuc Loc Group Joint Stock Company (PLG), and Transportation Construction Corporation 8 – JSC (CIENCO 8).
The lead investor’s address is 36 Hoàng Cầu, Ô Chợ Dừa Ward, Hanoi.
The project spans over 279.7 hectares in Quy Nhơn Bắc, Quy Nhơn Nam, and Quy Nhơn wards, Gia Lai Province. It includes low-rise housing, commercial apartments, social housing, technical infrastructure, social infrastructure, public facilities, education, healthcare, cultural and sports amenities, and tourism services.
The total investment is over VND 21,954 billion, with project implementation costs exceeding VND 20,793 billion and compensation, support, and resettlement costs amounting to more than VND 1,161 billion. The project will be executed over 15 years (from Q2/2025 to Q4/2040) in two phases:
Phase 1 (2025 – 2028): Completion of investor selection procedures, land clearance, land and legal formalities, and partial investment in technical infrastructure, prioritizing social housing.
Phase 2 (2028 – 2040): Continued development of technical infrastructure, construction of housing, services, commercial and tourism facilities, social infrastructure, handover, and project commissioning.
Gia Lai Provincial People’s Committee stated that the winning investor has committed to sufficient financial capacity, experience, and timely implementation as per the approved bidding documents.
‘Revival’ of Quy Nhơn’s Central Urban Project
Previously, the Phú Hòa Lake Urban – Tourism – Culture – Sports Area project was approved by the former Bình Định Provincial People’s Committee and commenced in July 2015, with a total investment of approximately VND 5,000 billion and a scale of 320 hectares.
However, after 10 years of implementation, the project site remains vacant, with many unfinished components, posing safety risks and severely impacting the landscape of Quy Nhơn’s central core, causing public frustration.
In 2013, Phuc Loc Group Joint Stock Company (Ninh Bình) proposed two BT (Build-Transfer) projects in the Phú Hòa Lake area: the extension of Điện Biên Phủ Road (VND 465 billion) and the upgrade of Phú Hòa Lake’s drainage system (over VND 578 billion). In return, the company would exploit land in the Phú Hòa Lake urban area to recover capital.
By August 2019, the Government Inspectorate intervened, identifying several violations in these two BT projects. On February 14, 2023, the Management Board of Civil and Industrial Projects of former Bình Định Province requested the Provincial People’s Committee to terminate the contract.
In early April 2025, the leadership of the former Bình Định Provincial People’s Committee officially announced the termination of the principle contract for the two BT projects and initiated a bidding process to select a new investor for the Phú Hòa Lake Urban Area project.
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