The Gia Lai People’s Committee has just granted in-principle approval to the Phu Dong project, and selected HAGL as the developer.

The project covers more than 6,993 square metres on Nguyen Tat Thanh street, Pleiku ward, and will include 610 apartments accommodating around 1,830 residents.

It features a construction footprint of 4,196 sqm and a total floor area of over 77,200 sqm, including two basement levels for parking and technical facilities.

The 22-storey building will house commercial and service space on floors 1-3 (11,329 sqm) and residential units from floors 3-22 (54,617 sqm).

Total investment is estimated at VND591.7 billion ($22.45 million), including VND191.7 billion in equity (100% cash) and VND400 billion in bank loans.

The complex is expected to be completed and operational by Q4/2028.

Authorities have required the developer to ensure sufficient capital and fulfil land-use financial obligations. Foreign organizations and individuals will not be allowed to own housing in the project, and the developer is barred from transferring the project to foreign investors.

The project follows an investment memorandum signed in August 2025 between the company and the provincial People's Committee.

HAGL said the Phu Dong complex is a key project in its investment strategy in the province and that it is financially prepared to begin construction once procedures are completed.

Founded as a small wood workshop with dozens of workers, HAGL grew rapidly between 2007 and 2014 with investments across Vietnam and parts of Southeast Asia, including a number of real estate projects such as HAGL Resort Quy Nhon and several high-rise developments in Pleiku and Quy Nhon.

The company shifted to agriculture in 2016 to restructure its activities, after severe business difficulties.

HAGL has since regained momentum. In the first nine months of 2025, it reported net revenue of VND5.6 trillion ($212.5 million), up 33% year-on-year, and post-tax profit of VND1.31 trillion ($49.73 million), up 54%, meeting its full-year earnings target.

Fruit remained the company’s core revenue driver, contributing VND4.41 trillion ($167.2 million), a 52% increase. Revenue from goods rose to more than VND1 trillion, while hog sales fell nearly 80% to VND173.5 billion.