CapitaLand Development, the development arm of Singapore-headquartered CapitaLand Group, will begin construction of a high-end residential project in Hanoi in the first quarter of 2024.
In a Monday announcement, CapitaLand said the project, named Lumi Hanoi, covers 5.6 hectares of a prime site in the West of Hanoi, with a total gross development value of SGD1 billion ($738.6 million).
The project comprises about 4,000 units across nine 29 to 35-storey towers to be developed in several phases. It will offer a wide selection of unit types, ranging from 42 square meters for a one-bedroom unit to 135 square meters for a four-bedroom unit. There will also be duplex products and penthouses ranging from 115 to 410 square meters in size.
“Positioned as one of CapitaLand’s signature residential projects, Lumi Hanoi will continue our commitment to sustainable urbanization, delivering expertly crafted living spaces and amenities that meet the aspirations of discerning homebuyers,” said CEO of CapitaLand Development Vietnam Ronald Tay.
“Amidst uncertainties in Vietnam’s real estate sector, we remain confident of securing compelling investment opportunities by leveraging our close to three decades of on-the-ground experience and strong financial standing,” he added.
With Lumi Hanoi, CapitaLand’s residential portfolio in Vietnam will comprise about 16,000 quality homes across 17 projects. The firm has been operating in Vietnam since 1994.
The project used to be part of Vinhomes Smart City, a project of Vinhomes, the real estate development arm of Vietnam's biggest private conglomerate Vingroup. In October 2021, Hanoi authorities issued a decision to separate the project from the grand Vinhomes Smart City. Per the decision, five land lots were transferred to Anh Sao Commercial Development and Trading Limited Liability Company. The registered capital of the new project was nearly VND7.08 trillion (nearly $289 million).
Anh Sao is owned by CVH Neuve PTE, a subsidiary founded by CapitaLand in 2017.