Trung Nam project investment capital increased to over 15.4 trillion VND

The Quan Nam – Thuy Tu Eco-Urban Area project (Golden Hills City) along the Cu De River, developed by Trung Nam Joint Stock Company, has recently had its legal bottlenecks cleared and its investment capital adjusted by Da Nang.

According to Decision 3007 signed and issued three days ago by Vice Chairman of the City People’s Committee Ho Ky Minh, the Da Nang People’s Committee adjusted the investment policy for the Quan Nam – Thuy Tu Eco-Urban Area project (Golden Hills City), raising the total capital to over 15,468 billion VND.

The project, invested by Trung Nam Joint Stock Company, covers a planned area of over 3.3 million square meters in Lien Chieu and Hai Van wards. This scale excludes the area of Dam Quang Trung Secondary School and the previously approved resettlement area.

Out of the nearly 15,500 billion VND in investment capital, the developer’s contribution accounts for 15% (over 2,320 billion VND), while the remaining 85% is mobilized capital. Currently, the project has disbursed over 5,882 billion VND, with the remaining capital required for further investment standing at over 9,586 billion VND.

Quan Nam – Thuy Tu Eco-Urban Area (Golden Hills) along the Cu De River, Da Nang City, in March 2025. Photo: Nguyen Dong

The project is oriented towards mid- and high-end real estate development, accommodating a population of about 29,940 people, and is exempt from social housing allocation requirements and not for sale to foreigners. Residential land accounts for the largest share at 35.76%, followed by transportation land (30.46%), with the remainder allocated for green spaces, social infrastructure, and commercial services.

Completed investment items include the infrastructure system and 2,804 land plots (422,211 square meters), allowing residents to build their own homes. Uninvested items include 3,020 low-rise houses (1,717 townhouses, 1,303 villas) and 6 apartment buildings ranging from 3 to 27 stories with approximately 4,750 to 5,660 apartments. The entire apartment block and 18 commercial and service structures (ranging from 1 to 55 stories) will have their land use rights transferred with completed infrastructure to other organizations for investment.

The progress of Phase 2 is divided into milestones from Q1/2026 to Q4/2034. Specifically, legal procedures for the remaining items are to be completed by Q2/2027; low-rise housing is to be completed by Q4/2032; and social infrastructure (13 schools, 2 medical facilities, 2 sports areas, 1 cultural facility), along with the apartment and commercial blocks, is to be completed by Q4/2034.

A representative of Trung Nam Joint Stock Company stated that this adjustment decision officially resolves outstanding legal bottlenecks, creating momentum for the project to restart. “The company will urgently conduct a comprehensive review and completely resolve outstanding requirements to ensure the rights of customers and partners,” the developer’s representative said.

In parallel, the city is also urgently resolving issues for the 50m-wide buffer zone project along the extended Nguyen Tat Thanh Street. Upon completion, the developer will build synchronized structures on the land to connect with Golden Hills City, forming a satellite mega-urban area to support the Free Trade Zone, Lien Chieu Port, and high-tech zones in northwestern Da Nang.

The Da Nang People’s Committee requires Trung Nam Joint Stock Company to adhere to the schedule, make security deposits, and fulfill the recommendations in Conclusion No. 393/KL-TTCP of the Government Inspectorate. The developer is responsible for building the entire framework of technical infrastructure for synchronized connection before handing it over to the city. Relevant departments and agencies are responsible for guiding and closely supervising the implementation process.

Nguyen Dong