Vietnam’s biggest listed property firm Vinhomes JSC has been given the go-ahead by Hai Phong authorities to build a new urban area covering more than 240 hectares in the northern city.
Vinhomes, part of the country’s largest private conglomerate Vingroup, will spend more than VND23 trillion ($971.3 million) on the project, with 107 hectares in Duong Kinh district and 133 hectares in Kien Thuy district.
The People’s Committee of Hai Phong approved the project’s investment policy in November 2022. Of the estimated total investment, 15% will be sourced from the developer’s equity capital, while the remaining 85% will be mobilized from other sources.
Under Vinhomes’ plans, it will carry out the mammoth project over 50 years altogether. Capital mobilization will start this year and the process will go hand-in-hand with the project's progress.
The project will include more than 69 hectares of land for housing. Social housing will account for around 14 hectares; 36.6 hectares for detached houses (around 5,000 houses); and 18.8 hectares for villas (about 1,300 units).
Roads for the project will take up almost 88 hectares. More than 41 hectares will be used for parks, green spaces, and lakes, while nearly 29 hectares will be used for commercial and public works.
The project will also include a high school on a 2.5-hectare site, five preschools on a combined area of over 3.2 hectares, three primary schools (over 2.7 hectares altogether), two middle schools (more than 2.1 hectares combined), and a K-12 school on 1.5 hectares.
In February 2023, the Hai Phong Department of Planning and Investment publicized a bidding notice for the 240-hectare project. At the end of the bidding, Vinhomes JSC was the only firm qualified in both capacity and expertise.