Sunshine Group’s Footprint in the $430 Million Urban Development Project in Vietnam’s Upcoming Centrally-Governed City

In February 2025, the People’s Committee of Bac Ninh Province approved the investment policy for the New Urban Area in the Northwest of Bac Ninh City (Zone 3) – Sub-zone 3.1, located in Vu Ninh Ward, Bac Ninh City (formerly known as Bac Giang City).

By May, the province approved the selection of the investor consortium comprising Hoa An Infrastructure Development Investment Joint Stock Company and Xuan Dinh Construction Investment Joint Stock Company.

On October 22, Bac Ninh Province finalized the 1/500 scale planning for this project, covering an area of over 48 hectares in Vu Ninh Ward. The project borders Phuc Son and Co Me neighborhoods and adjoins planning areas No. 3 and No. 4 of the Northwest New Urban Area of Bac Ninh City.

Strategically located near Provincial Road 295 and connected to National Highway 37, the site is 15 km from the former Bac Giang City Center (now the new administrative center of Bac Ninh Province).

The project is linked to Bac Ninh City Center via Lac Long Quan, Kinh Duong Vuong, and Au Co Streets. It is also in close proximity to Quang Chau, Van Trung, Que Vo, and Yen Phong Industrial Zones.

The current land status primarily consists of water bodies (approximately 28.5 hectares), agricultural land (13.7 hectares), and a few temporary residential structures.

Designed as a new urban area, the project will accommodate a population of 8,744 residents. The land use plan allocates 13.4 hectares for residential developments and 4.4 hectares for public and commercial services.

The project will feature 646 residential units, including 516 five-story townhouses and 130 three-story semi-detached villas. Additionally, two 18-story social housing buildings will be constructed.

The project timeline spans 6.5 years from the investor selection date. This includes one year for legal procedures and 5.5 years for construction. The total investment capital for the urban area is 10,120 billion VND.

Hoa An Infrastructure Development Investment Joint Stock Company, established in March 2022 with a charter capital of 170 billion VND, is part of the investor consortium. Its shareholders include Nguyen Tan Lap (45%), Nguyen Hong Quan (25%), and Ho Ngoc Toan (30%). Currently, Hoa An’s charter capital stands at 1,600 billion VND, with Nguyen Tan Lap serving as Director and Legal Representative.

Xuan Dinh Construction Investment Joint Stock Company, founded in 2016, is headquartered at Sunshine Tower on Pham Hung Street, Hanoi. As of late 2024, its charter capital is 1,000 billion VND, with Sunshine Homes Development Joint Stock Company (stock code: SSH) holding 94% ownership.

Do Van Truong, Deputy Director of Xuan Dinh, also serves as a Board Member of Sunshine Group (stock code: KSF). According to Sunshine Group’s consolidated financial report, as of September 29, 2025, Xuan Dinh is an indirect subsidiary of the group.

Xuan Dinh is renowned as the developer of the Sunshine City project, a mixed-use residential and commercial complex located in Lot I.A.23 of the Nam Thang Long Urban Area Phase 2, Hanoi. Spanning 2.2 hectares, the project comprises six towers ranging from 38 to 40 stories, offering 1,791 apartments with a total investment of 5,600 billion VND.

As of June 30, 2025, Xuan Dinh’s equity capital exceeds 2,839 billion VND, with liabilities totaling over 4,627 billion VND, primarily consisting of bank loans and bonds. Its total assets are recorded at 7,467 billion VND.

According to research, in the Northwest New Urban Area of Bac Ninh City (Zone 3) – Sub-zone 3.1, Hoa An contributes 85% of the capital, while Xuan Dinh contributes 15%.

Hoa An acts as the consortium representative, responsible for arranging equity and loan capital. Xuan Dinh is tasked with arranging equity capital and leveraging its project execution expertise.