Mr. Duc denies returning to real estate, only working on a project "forgotten" for 15 years

(Dan Tri) - Mr. Duc affirmed that Hoang Anh Gia Lai will not return to real estate. The Phu Dong project in Pleiku is just a piece of land that the company has owned for more than 15 years, and is being implemented in a small scale to contribute to the locality.

Regarding information about the new project in Pleiku and the return of Hoang Anh Gia Lai Group (HAGL, stock code: HAG) to the real estate market, Mr. Doan Nguyen Duc (Bau Duc) - Chairman of the Board of Directors of the enterprise - said that the information was not accurate, HAGL did not have to return to this field.

At the Gia Lai Province Investment Promotion Conference 2025 held at the end of August, the Gia Lai Provincial People's Committee presented the investment memorandum of understanding for the Phu Dong Complex project to Mr. Doan Nguyen Duc.

Phu Dong Complex Project has a scale of 25-storey apartment complex and 3.5-storey commercial townhouses, built on an area of ​​nearly 7,000m2 of clean land in Pleiku ward. The total estimated investment is 400 billion VND. The project construction location is on Phu Dong street, next to Muong Thanh Grand Hotel, opposite the headquarters of Hoang Anh Gia Lai Group.

Mr. Duc said Hoang Anh Gia Lai only focuses on agriculture (Photo: DT).

Talking to Dan Tri reporter, Mr. Duc said that the land for the project was owned by HAGL more than 15 years ago, when the company was still in its prosperous period. Recently, the company "accidentally" discovered the land that had been neglected for too long, so it restarted. This project, according to Mr. Duc, is only compact, easy to do, and the main purpose is to contribute to the locality after the new province was merged.

“That’s all, I have no intention of expanding further. I have stumbled before, and I am old now. If I fail again, I will lose the chance to start again. HAGL will still only revolve around agriculture,” Mr. Duc affirmed.

Hoang Anh Gia Lai Group once had a golden period associated with real estate. In the period 2006-2012, real estate was the main industry, bringing record revenue to the Group. For example, in 2009, with 4 large projects in Ho Chi Minh City including New SaiGon, Hoang Anh River View, Phu Hoang Anh and Hoang Anh Golden House, the company earned more than 3,300 billion VND (accounting for 77% of total revenue that year).

Hoang Anh Gia Lai also invested in expanding to provinces such as Gia Lai, Quy Nhon, Dak Lak, Da Nang and Can Tho . However, after the financial crisis in 2015, Mr. Doan Nguyen Duc had to gradually withdraw from real estate to restructure.

Up to now, when talking about the decision to withdraw from the real estate market that day, Mr. Doan Nguyen Duc still has no regrets. Currently, the Group is focusing strongly on the agricultural sector, with the main products of 4 trees - 2 animals: banana, durian, mulberry, coffee and pork.

“I will do agriculture to prove that farming in Vietnam is a good and sustainable way of life. I hope that from now on, Hoang Anh Gia Lai Group will return to its golden age of 2008,” Chairman of Hoang Anh Gia Lai affirmed at the recent 2025 General Meeting of Shareholders.

Source: https://dantri.com.vn/kinh-doanh/bau-duc-phu-nhan-quay-lai-bat-dong-san-chi-lam-du-an-bo-quen-15-nam-20251020114145838.htm