Geleximco Danang Project: $695M Township Heads to Signing
Geleximco Danang project: the Geleximco-SHN consortium is picked for a 296-hectare, VND17.7 trillion urban area in southern Danang, Vietnam.
A consortium led by Geleximco has been selected to build a 296-hectare mixed-use urban area in southern Danang, a project worth more than VND17.7 trillion (about US$695 million). The Chu Lai Open Economic Zone Management Board approved the investor selection for the Geleximco Danang project, and the consortium was the only bidder, The Investor reported on 8 November.
The developers are Geleximco Pho Hien JSC and Hanoi General Investment JSC (SHN). The site lies south of the Nguyen Tat Thanh road axis in Quang Phu ward. Bidding newspaper Bao Dau Thau put the investment at VND17.785 trillion, while CafeF and VietTimes put it at more than VND18.5 trillion.
The board has issued an acceptance letter and awarded the contract, VietTimes reported. The contract was scheduled to be signed on 9 November, with groundbreaking planned for around 30 April 2027.
Geleximco Danang project: the key numbers
The project is due to be developed between 2026 and 2038, with site preparation and clearance running to the end of 2029. It is designed for about 8,000 residents.
Plans include about 3,468 housing units and plots, of which about 2,611 are social housing units. That means social housing accounts for roughly three in four of the planned units. At least 20% of the residential land fund is reserved for social housing infrastructure.
The Danang township is not Geleximco’s first move in the area. On 29 March 2026 a Geleximco subsidiary broke ground on the Tam Anh-An An Hoa Industrial Park in Tam Anh commune, which covers about 436 hectares and carries a total investment of roughly VND4.152 trillion (about US$162.3 million).
The companies behind the deal
Geleximco Pho Hien is a Geleximco Group subsidiary set up in January 2025 and based in Hung Yen province. It raised its charter capital to VND8.5 trillion (about US$330 million) in March 2026, according to The Investor. Its general director is Nguyen Huy Hoang.
SHN was established in March 2007 and is based in Hanoi, with Vu Thang as general director. In the first nine months of 2026, its net revenue rose 61.1% to nearly VND4.249 trillion (about US$166 million), while after-tax profit fell 87.8% to just over VND1 billion, The Investor reported.
The parent, Geleximco Group, reports annual revenue above VND20 trillion (about US$780 million), total assets of about VND80 trillion (about US$3.1 billion) and more than 10,000 employees. Vu Van Hau has been chairman of the board and general director since November 2025, when his elder brother, founder Vu Van Tien, moved to chair the group’s newly created founding council.
Why it matters for Vietnam property and investors
The Geleximco Danang project is one of three large urban schemes moving forward in the Chu Lai area. At a meeting on 4 November, Danang People’s Committee Vice Chairman Phan Thai Binh reviewed progress with the management board, which is headed by Nguyen Hong Quang, CafeF and VietTimes reported.
The three projects with selected investors cover about 558.89 hectares and total more than VND40.46 trillion (about US$1.6 billion). The others are the Chu Lai Urban Area by Dai Quang Minh Real Estate Investment JSC, at about 188.5 hectares and more than VND18.8 trillion, and the Truong Giang Riverside Urban Area by Green Industrial Chu Lai JSC, at about 74 hectares and VND3.069 trillion.
Binh asked agencies to speed up procedures and site clearance. The pace of those approvals will shape how quickly work can start on the ground.
For investors, the pipeline suggests that Danang is positioning its southern area as a new growth zone, with industrial parks and housing planned side by side. It also shows Hanoi-based Geleximco extending its reach into central Vietnam, as capital continues to flow into the country’s private sector, from township builders to startups such as electric motorbike maker Dat Bike.
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The next milestones are the contract signing and the city’s general master plan to 2050, with a vision to 2075, which Danang plans to announce on 28 November. Groundbreaking is targeted for around 30 April 2027.
