HCMC firms partner on $80 mln urban area project in central Vietnam province Gia Lai

A consortium of Ho Chi Minh City-based companies has been approved to develop a large-scale urban area project in Gia Lai, in a move expected to boost investment inflows and urban infrastructure in the central province.

According to the Gia Lai Department of Finance, the province licensed three new projects with combined registered capital of nearly VND3.8 trillion ($144.3 million) between March 13 and 19. The largest is the Cat Hai Urban Area project, with total investment nearly VND2.1 trillion ($79.7 million).

The project will be developed by a consortium comprising Bavina Real Estate Co., Ltd. and Khai Thinh Phat Investment Co., Ltd., both headquartered in Ho Chi Minh City.

Covering nearly 48.7 hectares, it will be implemented in Cat Tien commune - formerly part of Binh Dinh province - now under Gia Lai following the merger of Gia Lai (a Central Highlands province) and Binh Dinh (a south-central coastal province) last July

The development will include a mixed-use urban area featuring various housing types alongside commercial and service facilities for sale, lease and lease-purchase. It aims to enhance land-use value, meet housing demand, and support local consumption and services.

The project is scheduled for completion in the third quarter of 2031 and will operate for 50 years from the date of land allocation or lease.

Developers expand footprint

Bavina Real Estate Co., Ltd. was established in January 2023 with initial charter capital of VND20 billion, which was later increased to VND350 billion ($13.3 million) in January 2026.

The company is primarily engaged in real estate consulting, brokerage, and auctions, and has participated in multiple high-rise residential, apartment and office projects in Ho Chi Minh City. It has also invested in tourism and renewable energy projects, including wind, solar and hydropower, across various localities.

Its partner, Khai Thinh Phat Investment Co., Ltd., was founded in 2008 and has undergone changes in its shareholder structure in 2025 while maintaining charter capital of VND108 billion ($4.1 million).

Since the beginning of the year, Gia Lai has attracted 65 projects with total registered capital exceeding VND104.83 trillion ($3.98 million), up 132% in project numbers and more than eightfold in capital compared with the same period last year.

Investment has been concentrated in agriculture, forestry and fisheries (28 projects), followed by industrial production (16), construction and infrastructure (12), trade and services including tourism (7), and real estate and urban economy (2).

Officials say the figures highlight the province’s growing appeal to investors as it seeks to accelerate economic development and urbanization.