Real Estate

Hanoi Allocates Over 15,400 Square Meters of Land to Hai Phat Land for Housing Development

The Hanoi People's Committee has officially allocated land to Hai Phat Investment and Real Estate Business Corporation (Hai Phat Land) for the development of a low-rise residential project in the Dong Ca area, Phu Tho commune.

Administrator

21 October, 2025

According to the decision dated October 20, the Hanoi People’s Committee allocated approximately 15,424 square meters of land in Phuc Tho Commune to Hai Phat Real Estate for the development of a low-rise residential area in the Dong Ca area. This land was successfully bid for by the company in May 2025, with a land use term of 50 years.

Hai Phat Land is responsible for constructing synchronized infrastructure as per the approved planning and investment project, covering an area of 25,651 square meters. This includes transportation networks, public facilities, services (gardens, recreational areas, and parking lots), and green spaces as outlined in the planning.

In April 2025, Hanoi auctioned a nearly 45,000-square-meter plot in the Dong Ca area, including approximately 15,424 square meters designated for adjacent housing construction and nearly 3,920 square meters for social housing projects. The starting price for the low-rise residential land was set at over 26.2 million VND per square meter.

Upon receiving the land, Hai Phat Land must commence utilization within 12 consecutive months. Failure to do so or delays exceeding 24 months compared to the project timeline will result in an extension of up to 24 months, subject to additional land use fees or rent payments to the state. If the land remains unused or is utilized contrary to the specified terms after the extension period, the Chairman of the Hanoi People’s Committee will revoke the land without compensation for the land, attached assets, or remaining investment costs.

Established in 2018 with a capital of 100 billion VND, Hai Phat Land’s ownership structure includes Hai Phat Investment Corporation (HOSE: HPX) holding 70%, Mr. Vu Kim Giang (CEO) with 25%, and Mr. Pham Van Dinh with 5%.

In April 2019, the company increased its capital to 710 billion VND. By 2020, HPX held 95.78% of Hai Phat Land’s shares. In 2021, HPX reduced its ownership to 75.78%, further decreasing to 48.8% by year-end. In 2022, HPX divested 30.78% of its stake (equivalent to 21.9 million shares valued at nearly 328 billion VND) to individuals, lowering its ownership to 18%. By December 2024, HPX completed the transfer of its remaining shares in Hai Phat Land, totaling nearly 12.8 million shares valued at approximately 77 billion VND.

In August this year, Hai Phat Land increased its capital to 1,010 billion VND, with Mr. Vu Kim Giang currently serving as Chairman of the Board of Directors.