Bầu Đức Celebrates Breakthrough at Landmark Real Estate Comeback Project on HAGL’s Long-Forgotten 15-Year-Old Prime Land

The People’s Committee of Gia Lai Province has recently issued a notification summarizing the conclusions of Chairman Pham Anh Tuan during a meeting to review the progress of several key projects proposed in the region.

Among these projects is the Phu Dong High-Rise Residential and Commercial Complex by Hoang Anh Gia Lai Joint Stock Company.

According to the conclusions, Chairman Tuan has tasked Vice Chairman Nguyen Huu Que with directing the Department of Finance to collaborate with the Provincial People’s Committee Office to finalize the project dossier. This will be submitted for approval by the Standing Committee of the Provincial Party Committee at their next meeting, following consultation with the Standing Board of the Provincial People’s Committee Party Committee.

In August, Mr. Doan Nguyen Duc (known as Bau Duc), Chairman of Hoang Anh Gia Lai Group, announced plans to develop the Phu Dong High-Rise Residential and Commercial Complex. During this period, the Gia Lai Provincial People’s Committee also issued a Memorandum of Understanding to HAGL for the project’s implementation.

By mid-November, the Gia Lai Provincial People’s Committee adjusted and supplemented the list of housing development projects and locations for the 2021-2025 period, including 12 projects across 7 communes and wards in the western part of Gia Lai. The Phu Dong Complex was among the newly added projects.

The Phu Dong Complex will feature a 25-story mixed-use apartment building and a 3.5-story commercial townhouse area, covering nearly 0.7 hectares of cleared land in Pleiku Ward. The total investment is estimated at 400 billion VND.

The project is strategically located on Phu Dong Street, adjacent to Muong Thanh Grand Hotel and opposite the headquarters of Hoang Anh Gia Lai Group, in the heart of Pleiku.

In mid-October 2025, during an interview with Thanh Nien newspaper, Bau Duc discussed Hoang Anh Gia Lai Group’s return to real estate investment.

He revealed that the land for the project has been owned by HAGL for over 15 years, dating back to the company’s prosperous era. “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,” Bau Duc 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. He emphasized that the project is small-scale and straightforward, primarily intended to benefit the local community after the province’s recent consolidation.

“That’s all it is; I have no plans to expand further. I’ve stumbled before, and now that I’m older, another misstep would leave no room for recovery. HAGL will remain focused on agriculture,” Bau Duc asserted.

Hoang Anh Gia Lai Group once enjoyed a golden era in real estate. From 2006 to 2012, real estate was the company’s flagship sector, generating record revenues.

In 2009, four major projects in Ho Chi Minh City—New SaiGon, Hoang Anh River View, Phu Hoang Anh, and Hoang Anh Golden House—brought in over 3.3 trillion VND, accounting for 77% of the group’s total revenue that year. The group’s footprint extended to Gia Lai, Quy Nhon, Dak Lak, Da Nang, and Can Tho.

However, after this peak period, Bau Duc’s group gradually withdrew from real estate to restructure and focus on agriculture. Today, Hoang Anh Gia Lai has successfully restructured its debt, attracted new shareholders, and emerged from accumulated losses.