The consortium, comprising Geleximco Group, Glexhomes JSC, Phuc Loc Group JSC, and Cienco 8, will develop the Phu Hoa Lake urban, tourism, culture and sports complex. It is designed to span 279.7 hectares in Quy Nhon Bac, Quy Nhon Nam, and Quy Nhon wards.

The complex will feature low-rise housing, commercial and social apartments, schools, and healthcare, cultural, sports and tourism facilities.

Of the total investment, VND20.79 trillion ($790 million) will go toward construction and VND1.16 trillion ($44 million) toward land clearance and resettlement. The development is scheduled to run from Q2/2025 through Q4/2040.

The project is seen as a strategic step in Geleximco’s expansion into real estate and tourism.

Originally approved in 2015 by the former Binh Dinh province, which merged with Gia Lai in early July, the project was initially valued at VND5 trillion ($190 million) and designed to cover 320 hectares.

It has since remained dormant, leaving large undeveloped areas and unfinished structures in Quy Nhon town.