Recently, the People’s Committee of Gia Lai Province has adjusted and supplemented the list of housing development projects and locations for the 2021-2025 period, encompassing 12 projects across 7 communes and wards in the western region of Gia Lai.
Among the additions is the Phù Đổng High-Rise Residential and Commercial Complex Project. Spanning nearly 0.7 hectares, with approximately 0.42 hectares dedicated to residential land, this project gained attention in August when Mr. Đoàn Nguyên Đức (known as Bầu Đức), Chairman of Hoang Anh Gia Lai Joint Stock Company, announced its development plans. At that time, the Gia Lai Provincial People’s Committee awarded Bầu Đức a Memorandum of Understanding (MOU) for the Phù Đổng Complex Project.
In August, the Gia Lai Provincial People’s Committee awarded Bầu Đức a Memorandum of Understanding for the Phù Đổng Complex Project.
The Phù Đổng Complex Project comprises a 25-story mixed-use apartment building and a 3.5-story commercial townhouse area, constructed on nearly 0.7 hectares of cleared land in Pleiku Ward. The total investment is estimated at 400 billion VND.
Strategically located on Phù Đổng Street, adjacent to Mường Thanh Grand Hotel and opposite the headquarters of Hoang Anh Gia Lai Group, the project occupies a prime position in central Pleiku.
In mid-October 2025, during an interview with Thanh Nien newspaper, Bầu Đức shared insights into the Group’s return to real estate investment.
He revealed that the land for the project had been owned by HAGL for over 15 years, dating back to the company’s prosperous era. “Back then, we were like the wealthy family that didn’t think much of it. If we had, we might have sold it to pay off debts,” Bầu Đức remarked.
He acknowledged that re-entering the real estate sector felt like “breaking a promise to shareholders,” but attributed it to a serendipitous rediscovery of the long-forgotten land. According to him, the project is modest, manageable, and primarily aims to contribute to the newly merged province.
“That’s all there is to it. I have no plans to expand further. I’ve stumbled before, and at my age, another misstep would leave no room for recovery. HAGL will remain focused on agriculture,” Bầu Đức affirmed.
Hoang Anh Gia Lai Group once enjoyed a golden era in real estate. From 2006 to 2012, real estate was its flagship sector, generating record revenues for the group.
In 2009, four major projects in Ho Chi Minh City—New SaiGon, Hoang Anh River View, Phú Hoàng Anh, and Hoàng Anh Golden House—brought in over 3.3 trillion VND, accounting for 77% of that year’s total revenue.
The Group’s footprint extended to Gia Lai, Quy Nhơn, Đắk Lắk, Đà Nẵng, and Cần Thơ.
However, following its peak, Bầu Đức’s group gradually exited real estate to restructure and concentrate on agriculture. To date, Hoang Anh Gia Lai has successfully restructured debt, attracted new shareholders, and emerged from accumulated losses.
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