The fluctuating fate of the land known as the heart of Quy Nhon coastal city.

Located in a prime location, overlooking the central square and the Quy Nhon sea (Gia Lai province), the project at plot number 1 Ngo May has yet to materialize after many years of construction.

A panoramic view of the prime real estate at No. 1 Ngo May Street, Quy Nhon coastal city, Gia Lai province.

Plot No. 1 Ngo May is located right at the five-way intersection of the main thoroughfares of Quy Nhon coastal city (Gia Lai province): Ngo May, An Duong Vuong, Nguyen Tat Thanh, Xuan Dieu, and Dien Hong, with a direct view of the central square and Quy Nhon beach.

With its location considered the "heart" of the coastal city, the People's Committee of Binh Dinh province (now Gia Lai province) soon decided to reclaim the land for the development of multi-billion dollar projects, aiming to create a high-end tourism symbol for the locality. However, after more than a decade, none of the projects on this "prime land" have materialized.

Prior to the decision to reclaim the land for the development of high-end tourism infrastructure, the plot of land at No. 1 Ngo May, with an area of ​​8,109.16 m², was under the management of the Provincial Center for Continuing Education .

In 2014, the People's Committee of Binh Dinh province approved the investment by Thanh Chau Import-Export Co., Ltd. in a 46-story service and commercial complex. However, due to delays in construction, in early 2016, the People's Committee of Binh Dinh province issued a document revoking the investment approval.

By the end of 2016, the land plot was approved by the People's Committee of Binh Dinh province for the Hoa Sen Tower project, a high-end commercial, service, hotel, and apartment complex, with Hoa Sen Quy Nhon Joint Stock Company as the investor and a total capital of up to 2,500 billion VND. However, due to various reasons, the land plot has remained an empty field surrounded by corrugated iron fences for many years, resulting in a waste of land resources in the heart of a first-class city.

In 2019, the People's Committee of Binh Dinh province approved the results of the land use rights auction for the implementation of the high-end commercial, service, and hotel center project (5-star hotel) with the commercial name Cadia Quy Nhon, covering an area of ​​approximately 5,246 m² at a price of over 126 billion VND. The winning bidder for the land was a joint venture of Phat Dat Real Estate Development Joint Stock Company, AKYN Investment, Trade and Service Joint Stock Company, and 559 Investment Joint Stock Company.

Ngo May Real Estate Investment Joint Stock Company is the developer of the Cadia Quy Nhon project with a total investment of over VND 1,126 billion (Phat Dat Company contributed VND 1,053.27 billion, equivalent to 94% of the charter capital). The project includes 2 blocks of 40 floors (plus 3 basement floors), providing approximately 820 beachfront tourist apartments according to international 4-star standards. (Image: project rendering)

However, construction of the Cadia Quy Nhon project on the land continues to be behind schedule. On May 29, 2023, Mr. Pham Anh Tuan, Chairman of the People's Committee of Binh Dinh province, issued a concluding statement requesting Phat Dat Company to develop a specific plan and schedule, allocate human and material resources urgently to organize construction and implement the project to ensure progress as prescribed; and to comply with all standards, regulations, and legal provisions.

On July 4, 2024, the Chairman of the People's Committee of Binh Dinh province approved the adjustment of the implementation schedule for the High-Class Commercial, Service and Hotel Center Project (5-star hotel) to the first quarter of 2026. This extension is based on the investor's commitment to the completion time.

By June 2025, Phat Dat Real Estate Development Joint Stock Company had transferred its entire 94.48% stake in Ngo May Real Estate Investment Joint Stock Company to a new partner, Quy Nhon 68 Investment Company Limited. Simultaneously, Ngo May Real Estate Investment Company ceased to be a subsidiary of Phat Dat Company.

Currently, the commercial name Cadia Quy Nhon has been replaced with the new name Q1 Tower, and the investor is Quy Nhon 68 Investment Co., Ltd.

In recent days, contractors and construction units have been mobilizing machinery and manpower extensively to construct the foundation, basement, and perimeter of area A.

And the project is in its final stages of completion, aiming to meet the deadline as agreed upon with the Gia Lai Provincial People's Committee.

After many ups and downs, the project is still eagerly awaited for completion, becoming a symbol of the transformation of the coastal city. The presence of these two nearly 40-story buildings contributes to affirming the position of the new tourism center of the Central coastal region within the new administrative structure of Gia Lai province.

Nguyen Gia

Source: https://vtcnews.vn/so-phan-thang-tram-cua-khu-dat-menh-danh-trai-tim-pho-bien-quy-nhon-ar1017728.html