Nam Mekong Group (VC3) Wins $80M Urban Project in Gia Lai, Expands Land Bank

Overview

Nam Mekong Group (VC3) has been selected as the investor for the Cat Khanh urban area project in Gia Lai province, covering 41.61 hectares with a total investment of nearly VND 2,000 billion (~$80 million). The project expands VC3’s strategic land bank in the Central Coast region and is expected to contribute revenue from 2026.

Key Facts

• VC3 wins the Cat Khanh urban area project in De Gi Commune, Gia Lai province, with a land area of 41.61 hectares.
• Total investment for the project is nearly VND 2,000 billion (~$80 million).
• The project includes 981 townhouses and 139 villas, accommodating an estimated population of 4,000 people.
• VC3 also progresses the Nam Mekong Grand Plaza project in Binh Duong, with total investment of nearly VND 4,000 billion, targeting completion in 2026-2027.
• Vietinbank is the strategic financial partner for the Nam Mekong Grand Plaza project.
• The Nam Mekong Grand Plaza is located adjacent to the central station of Metro Line 1 (Ben Thanh - Suoi Tien) extension to Binh Duong.
• VC3 has completed legal procedures for Nam Mekong Grand Plaza and plans to commence construction on April 22, 2026.

What Happened

Nam Mekong Group (VC3) announced that it has won the bid to develop the Cat Khanh urban area project in Gia Lai province. The project, approved by authorities, spans 41.61 hectares and involves a total investment of nearly VND 2,000 billion. The development will feature 981 townhouses and 139 villas, designed to accommodate around 4,000 residents. The location is positioned as a future tourism and economic hub, with plans for luxury yacht services.

In addition, VC3 is advancing its Nam Mekong Grand Plaza project in Binh Duong, a mixed-use development with total investment of nearly VND 4,000 billion. The company has secured financing from Vietinbank and completed legal documentation. Construction is set to begin on April 22, 2026, with the project expected to be a key revenue driver in 2026-2027.

Market Context

VC3 is listed on the Hanoi Stock Exchange (HNX) and operates in the real estate sector. The company has been expanding its land bank in the Central Coast and Southern regions. The Cat Khanh project adds to VC3’s portfolio of residential and resort properties. The broader Vietnamese real estate market has seen increased activity in provincial urban developments, supported by infrastructure investments such as the Metro Line 1 extension to Binh Duong.

Strategic Significance

The Cat Khanh project strengthens VC3’s presence in the Central Coast region, an area targeted for tourism and economic development. The project’s scale and location align with the company’s strategy to focus on integrated urban and resort developments. The Nam Mekong Grand Plaza project in Binh Duong benefits from its proximity to the metro line, which is expected to enhance connectivity and property values. Together, these projects position VC3 to capture demand from both residential buyers and investors in emerging urban centers.

What to Watch

• Progress of construction and sales at the Cat Khanh project, including pre-sales launch timing.
• Commencement of Nam Mekong Grand Plaza on April 22, 2026, and subsequent construction milestones.
• VC3’s financial reports for 2025 and 2026 to assess revenue contribution from these projects.
• Updates on infrastructure developments in Gia Lai and Binh Duong, particularly the Metro Line 1 extension.
• Any additional land acquisitions or project wins by VC3 in the Central Coast region.