The land parcel was previously put up for auction in October 2025 with a starting price of around VND585 billion ($22.33 million).

According to local authorities, that figure comprised roughly VND141 billion ($5.38 million) in commercial land-use fees and more than VND443 billion ($16.91 million) in the value of existing assets on the site.

Following review procedures, the land has now been allocated to Muong Thanh, a housing and hotel chain developer, for implementation of the mixed-use commercial and service complex with a maximum height of 27 floors and a construction density of 35%.

Muong Thanh was founded in 2012 by businessman Le Thanh Than and currently operates nearly 60 hotels across Vietnam and several Southeast Asian countries. In Hanoi, the group developed a number of affordable housing projects such as HH Linh Dam, Kim Van-Kim Lu, Thanh Ha Cienco 5, Dai Thanh, and Xa La.

Since 2019, Le Thanh Than has been involved in legal proceedings related to alleged violations at the Bemes Kien Hung project in Hanoi.

Muong Thanh has continued expanding its investment portfolio in recent years. The group acquired the Hoang Anh Gia Lai Hotel from Hoan Sinh Gia Lai Investment Co., a project previously linked to agriculture firm Hoang Anh Gia Lai. It has also worked with Hanoi authorities to accelerate progress on the 182-hectare My Hung urban area project.

Nam Dinh, Ha Nam, and Ninh Binh were merged to form the new Ninh Binh province last July, which borders Hung Yen, Phu Tho, Thanh Hoa, Hanoi, and the East Sea.