CapitaLand breaks ground on giant residential project in Hanoi

Singapore-backed CapitaLand Development (CLD) on Friday broke ground on the Lumi Hanoi, a S$1 billion (U.S$743 million) high-end residential project, in the capital city of Vietnam.

The project spans a total area of approximately 5.6 hectares in Tay Mo ward, Nam Tu Liem district in the west of Hanoi.

It will comprise about 4,000 units across nine 29- to 35-storey towers to be developed over phases. The complex will offer a wide selection of unit types, ranging from 42 square meters for a one-bedroom unit to 135 sqm for a four-bedroom unit. There will also be duplex units and penthouses ranging from 115 sqm to 410 sqm.

Mitsubishi Estate and Far East Organization are partnering CLD on this signature project. The project is set to be handed over to customers in 2026.

Ronald Tay, CEO of CLD (Vietnam), called the groundbreaking event "a special moment" as it also marks the 30th anniversary of CapitaLand's presence in Vietnam", which started with the launch of the company's first Somerset serviced residence in 1994.

"We are honored to be part of Vietnam's amazing economic and social progress over the past three decades" he said at the ceremony, citing Vietnam's advantages including the rapid transformation of a vibrant and resilient country, powered by its young population; and the rising demand for quality and sustainable living spaces that suit the diverse needs of the Vietnamese people.

"That is why we are committed to continue investing in Vietnam and expanding our presence in the long term," he added.

Ronald Tay noted that CLD's overall strategy is to develop business in Vietnam as an increasingly key market, focusing on well-located large-scale projects in key cities – including Hanoi, Ho Chi Minh City, and up-and-coming provinces nearby – to leverage CLD's unique end-to-end expertise across the real estate value chain in multiple asset classes as well as the company's competitive advantages in master planning and sustainability.

"We also aim to diversify our portfolio by venturing into new asset classes, such as industrial parks and logistics facilities."

The location of Lumi Hanoi is served by well-planned infrastructure near a variety of attractive amenities including parks, schools, shopping malls, medical centers and the new administrative center My Dinh.

It is accessible by Thang Long Highway and is a convenient 20-minute drive from Hanoi’s central business district and a 40-minute drive from Noi Bai International Airport. In the future, connectivity will be further improved when Metro Lines 5,6 and 7 begin operations.

Including Lumi Hanoi, CLD’s residential portfolio in Vietnam will comprise about 16,000 quality homes across 17 projects. Besides residential projects, CLD’s portfolio in the southeast Asian country also includes various commercial and integrated developments and nearly 9,000 lodging units in operation and in the pipeline.

As the development arm of Singapore-headquartered CapitaLand Group, CLD places sustainability at the core of what it does. Ronald Tay said CLD is confident that Lumi Hanoi will set a new benchmark for sophisticated and sustainable urban living in the capital city.

Lumi Hanoi is designed by French architect Jean-François Milou of Studio Milou, who is also behind the design of Binh Dinh Convention Center in Quy Nhon, Vietnam and the National Gallery of Singapore. Lumi Hanoi is his first residential project in Vietnam.

Lumi Hanoi’s distinctive landscape design is themed after celestial elements such as sole, aurora and stella; features rolling hills and ecosystem ponds, a departure from the ordinary flat terrain seen elsewhere. It features more than 80 facilities for residents of all ages, including 15 sports courts and various pools to promote an active lifestyle.

The project is targeting to achieve EDGE (Excellence in Design for Greater Efficiencies) certification issued by the International Finance Corporation. Key sustainability features include 4.3 hectares of lush landscaping, rainwater harvesting, ecosystem ponds, and a biotope system, as well as electric vehicle charging lots and bicycle lots.

In other latest news, CLD on January 19 announced the completion of DEFINE, a luxury residential development in Thu Duc city of HCMC. The firm said the project was ready to be handed over to customers starting from February 2024.

Situated in the heart of Thu Duc city, DEFINE is co-developed by CLD and Thien Duc Trading-Construction Company Limited. DEFINE offers a wide selection of unit types including three- and four-bedroom apartments as well as penthouses, ranging between 197 and 528 square meters.