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1 of 2 delivered
Hưng Thịnh Land
1 of 2 sub-zones delivered · 1 upcoming 2026
Vietnam's largest single-developer peninsula city — 656 hectares combining a Greg Norman golf course, 3.5 km canal promenade, yacht marina, and 5-star resort brands in one integrated master plan.
A 656-hectare integrated peninsula city by Hưng Thịnh on the Hải Giang peninsula in Quy Nhơn, combining Bizhouse shophouses, Marina District condotel towers, hillside and beachfront villas, a Greg Norman 18-hole golf course, 5-star hotels, and a marina. Positioned as a tourism-commerce destination with 25 themed sub-districts and Vietnam's longest canal system.
Balanced for both homeowners and investors.
MerryLand Quy Nhơn is Vietnam's largest single-developer peninsula resort city — a genuinely rare coastal asset combining a Greg Norman golf course, 3.5 km canal promenade, yacht marina, and branded hotel operators across 656 hectares. The binding constraint is Hưng Thịnh's financial health: with 3.3T VND in bonds maturing by August 2026 and a Ministry of Public Security investigation open, construction completion is the first due-diligence question before any other factor.
Homeowner: A mixed picture for homeowners. The Hải Giang peninsula setting is genuinely pleasant — beach access, low construction density, and a quiet coastal environment — but the project is not designed for primary residence. There are no schools or hospitals within practical daily reach, no supermarkets on-site today, and pink books have not been issued for any product type. Hưng Thịnh's imminent bond maturities and Ministry of Public Security investigation add meaningful completion risk to the planned amenity package.
Investor: A high-risk, high-optionality resort bet. The Phù Cát Airport runway 2 (targeting international charters from July 2026) and Hải Giang Bridge (operational since February 2026) are real catalysts, and Best Western provides a hospitality-grade rental channel for Marina District condotel owners. The offsetting risks are severe: Hưng Thịnh faces imminent bond defaults and a Ministry of Public Security investigation for misuse of bond proceeds, no Quy Nhơn condotel secondary market has been established, and the 70-year tourism-land structure narrows the eventual resale buyer pool.
| Unit price | 1,25 tỷ – 150 tỷ |
| Rent | 30 triệu – 350 triệu/mo |
| Launch price | 40 triệu/m² |
| Project | Price | Distance |
|---|---|---|
| MerryLand Quy Nhơn | 40 triệu/m² | — |
| Coastal condotel peers — Da Nang / Nha Trang | Marina District condotels at 40–42M/m² are meaningfully below comparable beachfront condotel products in Da Nang (60–90M/m²) and Nha Trang (50–75M/m²), reflecting Quy Nhơn's earlier-stage tourism positioning and the embedded developer risk premium | Quy Nhơn's tourism catchment is growing but significantly smaller than Da Nang or Nha Trang — the discount partially reflects lower near-term occupancy depth, not just developer risk |
Marina District studio asking prices moved up modestly in early 2026; seller-side pricing confidence in a thin market is a sign of developer conviction rather than confirmed buyer demand.
| Developer | Hưng Thịnh Land |
| Status | 1 of 2 delivered |
| Construction Permit | Approved |
| Pink Book | Not issued |
| Legal Notes | Mixed ownership across product types: Bizhouse shophouses carry long-term ownership (sổ hồng lâu dài); Marina District condotels are tourism-land extended to 70 years (land lease 2013–2083, granted by former Bình Định province, now Gia Lai as of 01 Jul 2025 under Resolution 202/2025/QH15 — administrative center retained at Quy Nhơn; certificates and 70-year extension remain in force). Construction permit approved. Pink books not yet issued — Marina District handover targeted Q4 2026; first Bizhouse batch delivered Aug 2025 with no pink-book issuance reported. DEVELOPER RISK as of Jun 27 2026: (1) H79CH2124018 (1.5T VND) matures Jul 7 2026 — 10 days away with no announced repayment; CBTT bất thường Apr 9 2026 on late interest; (2) H79CH2124019 (1.8T VND) matures Aug 18 2026; CBTT bất thường May 19 2026 on late interest; (3) Government Inspectorate transferred bond-violation case files for CTCP Hưng Thịnh Investment, CTCP Entertainment Services Hưng Thịnh Quy Nhơn, and CTCP Hưng Thịnh Land to Ministry of Public Security Feb 2026 — violations include failure to pay principal/interest and misuse of bond proceeds (tax payments, cross-bond repayments, undisclosed projects); (4) subsidiary H79CH2225002 (700B VND) extended to Mar 2027. H1 2025 marginal net profit (~15B VND vs ~632B VND loss H1 2024); full-year 2025 results not publicly filed as of Jun 2026. Searched Jun 2026: MerryLand Quy Nhon sổ hồng, Hưng Thịnh trái phiếu 2026, H79CH2124018, H79CH2124019, Hưng Thịnh CBTT bất thường, Hưng Thịnh Bộ Công an. |
MerryLand Quy Nhơn
| CBD (peak) | 35-45 min to central Quy Nhơn — single access road through Nhơn Hội economic zone |
| CBD (off-peak) | 30 min via Thị Nại Bridge and coastal road |
| CBD (motorbike) | 30 min by motorbike along the coastal road |
| Airport (peak) | 60 min to Phù Cát Airport |
| Airport (off-peak) | 50 min to Phù Cát Airport (~35 km) |
Primarily resort investors and second-home buyers from Hà Nội and HCMC, alongside buyers from Hưng Thịnh's existing customer network. Canal District Bizhouse attracts operator-investors running commercial hospitality businesses along the canal promenade. The peninsula has no established year-round local population outside the development itself, meaning community services depend entirely on project-level investment.
