After 17 years, the Capital Square 2 project is finally back on track and preparing for its upcoming launch. Despite having changed hands multiple times between domestic and foreign owners, the project remains firmly positioned in the luxury segment of the real estate market in one of the most bustling coastal cities in Central Vietnam.
In early June, the Da Nang Construction Department announced that 530 apartments in blocks 2.4 and 2.6 of the Capital Square 2 urban area were permitted for sale as future housing.
 Project Perspective
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Capital Square 2 spans an area of 31,960m2 and comprises seven blocks of high-rise apartments and one VLC block. Blocks 2.1, 2.2, and 2.3 are 26 stories tall, with each tower accommodating 207 units, while blocks 2.4, 2.5, 2.6, and 2.7 stand at 28 stories tall, offering 265 apartments per tower.
The project is currently developed by Mega Assets Co., Ltd., with two land-use right certificates (out of nine) mortgaged to the Southeast Asia Commercial Joint Stock Bank.
The project received its initial investment certificate from the People’s Committee of the city in 2012. In 2014, the detailed planning at a scale of 1/500 was approved. Eight years later, in 2024, the project supplemented the planning dossier for the underground works area. In March 2024, the project obtained its construction permit, and in December 2024, the investment certificate was adjusted for the first time.
Capital Square 2 is located adjacent to Capital Square 3, both surrounded by three major roads: Ngo Quyen, Nguyen Cong Tru, and Tran Hung Dao. They are also situated opposite Vincom Da Nang and the eastern bank of the Han River. Despite their prime central location, these projects have become emblematic of delayed developments in Da Nang.
Capital Square 3 covers an area of 29,427m2 and consists of seven apartment buildings ranging from 24 to 28 stories tall, providing a total of 1,710 apartments. The project is developed by SIH Real Estate Co., Ltd.
 Capital Square Da Nang’s prime location (empty land) on the Han River bank, next to Vincom Plaza Da Nang, between the Dragon Bridge and Han River Bridge.
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Profile of the Investors
According to our research, Mega Assets Co., Ltd. was established in mid-2012 with a charter capital of VND 315 billion. The company is owned by Mega Assets Pte. Ltd., based in Singapore. The capital is equally divided and authorized to three individuals: Mr. Le Minh Phuc (CEO and legal representative), Mr. Anthony William House, and Mr. David Edward Blackhall.
In March 2018, the company changed ownership to a Vietnamese entity, Thinh Vuong Trading and Production Services Company Limited (Thinh Vuong Company), with Mr. Nguyen Hung Anh as the CEO and legal representative.
In mid-2024, the position of Chairman of the Board of Directors and legal representative changed hands from Mr. Le Quyet Thang (Hanoi) to Mr. Pham Thanh Quang (Hanoi). A few months later, the company increased its capital to VND 881 billion, and as of August 2024, Mr. Mai Van Thang (Hanoi) took on the role of Chairman and legal representative.
Thinh Vuong Company was established in December 2014 with a charter capital of VND 30 billion. Hung Phu Trading and Investment One-Member Limited Company held 96% of the capital, while Ms. Le Thanh Thuy held the remaining 4%. In October 2017, the company unexpectedly raised its capital to VND 1,350 billion, and the ownership structure changed, with Thanh Cong Investment and Construction Joint Stock Company holding 51.6%, TN Development Joint Stock Company holding 46.2%, and Mr. Cao Van Loan (Director and legal representative) holding 2.2%.
The enterprise has repeatedly altered its ownership structure. In the latest change, TourismHCM Joint Stock Company and Khang Dat Services Company Limited each hold 49.96%, while Mr. Vu Manh Quan (Director and legal representative) retains the remaining 0.08%.
Khang Dat Company was established in November 2023 in Ba Ria – Vung Tau Province, specializing in real estate brokerage, consulting, and management. Its charter capital is VND 224 billion, equally divided between Ms. Nguyen Thanh Tra and Mr. Tran Trung Tuan (Director and legal representative).
TourismHCM, formerly known as Vietnam Tourism Company in Ho Chi Minh City, was established in 2007 and transformed into a joint-stock company. Its charter capital currently stands at VND 1,200 billion, with Mr. Vu Tien Tan as the Chairman of the Board of Directors and legal representative.
Turning our attention to the investor of Capital Square 3, SIH Real Estate Company Limited was established in mid-2012 with a charter capital of VND 474 billion. The company is owned by SIH Real Estate Pte., Ltd., based in Singapore. The entire capital is authorized to Mr. Nguyen Quoc Tri, who serves as the Chairman, CEO, and legal representative.
Connection to the Sheraton Da Nang Acquisition from Foreign Investors
The leadership teams of the investors of these two projects are closely linked to the investor of Sheraton Grand Da Nang Resort – Dong Phuong Villas and Hotels Joint Stock Company (BDP).
BDP was established in 2011 as a spin-off from the Vinacapital Da Nang Beach Resort project of Vinacapital Da Nang Beach Resort One-Member Limited Company (the project of Dong Phuong Villas and Hotels on Truong Sa Street, commercially known as Sheraton Grand Da Nang Resort). Accordingly, the investor was Vietnam Property Ltd., registered in the British Virgin Islands, holding 97.73% of BDP’s capital. The remaining capital was held by two founding shareholders: Tan Tien Investment and Development One-Member Limited Company (with Mr. Tuan as Chairman) at 1.67% and Kim Ngan Investment and Services Company Limited at 0.56%. Mr. Tri served as the CEO.
In 2017, the entire foreign-owned capital was transferred to a domestic enterprise, Dai An Tourism Investment and Service Joint Stock Company. Several key positions in the company that were previously held by foreigners were also transitioned to Vietnamese individuals. Currently, BDP has a capital of VND 1,500 billion, with Mr. Dao Dang Nguyen as the Chairman of the Board of Directors, Mr. Tuan as a Member of the Board of Directors, and Mr. Hung Anh as the CEO.
 A series of projects in Da Nang are “awakening,” with prices reaching up to VND 250 million/m2
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Mr. Dao Dang Nguyen also serves as the CEO of Transport and Ship Leasing Joint Stock Company (UPCoM: VFR). These individuals and entities are associated with the BRG Group. Mr. Tuan previously served as the Director and legal representative of BRG Golf Joint Stock Company, where the BRG Group holds 95% of the capital, and Ms. Nguyen Thi Nga (Chairwoman of BRG) holds 4%. Additionally, he has worked at Motor N.A Vietnam and served as the Chief Accountant of Thang Loi Hotel Joint Stock Company… |
– 08:09 12/08/2025
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