Hanoi launches bidding for $522 mln urban project

Hanoi authorities are seeking investors for a VND13.25 trillion ($521.6 million) urban project in the suburbs.

The G8 new urban area project will cover 46.6 hectares in Kim Chung ward, Dong Anh district, according to the municipal Department of Planning and Investment.

Of its estimated capital, VND12.6 trillion ($495.7 million) will be spent on construction, and the remaining VND659 billion ($25.93 million) on compensation and resettlement.

The project is expected to include 64 three-floor villas, 317 five-floor detached houses, a 21-floor building with 535 apartments, and 420 social houses.

Construction is set to take five years, with the project slated to operate for 50 years and house 4,811 inhabitants.

Last month, the Hanoi government opened bidding for another giant project, a VND33,093 billion ($1.3 billion) smart-ecological urban area project in Dong Anh district, which aims to meet the unmatched housing demand of its residents.

Dong Anh is one of two rural districts in Hanoi to be upgraded to urban districts soon. It has an area of 185 square kilometers and a population of 437,000.

It is also home to the Smart City project, which has an investment of $4.2 billion and spans 270 ha in Vinh Ngoc, Hai Boi, and Kim No communes. Its investor is North Hanoi Smart City JSC, a joint venture between Vietnam’s BRG Group and Japan’s Sumitomo.

The project will feature a 108-storey financial tower, residential-office buildings, and villas.

In addition, Vinhomes, the residential development arm of conglomerate Vingroup, is completing legal procedures for the Vinhomes Co Loa project covering 384 ha, costing $1.6 billion.