Hanoi People's Committee chairman Vu Dai Thang has signed a decision approving the investment policy for the construction of the Bac Thang Long Urban City multi-purpose urban development project in Thien Loc and Phuc Thinh communes.
A design plan of the project (Photo: Investor).
The project has an estimated investment of VND 99.788 trillion (approximately USD 3.89 billion).
It will be developed by a consortium of five investors: Hanoi Housing Development and Investment Corporation (HANDICO), Sunshine Group JSC, Big Gain Investment Co Ltd, Thai Nam Land JSC and Potamos Real Estate JSC.
According to the decision, the urban area will cover approximately 465.45 hectares, of which 375.36 hectares fall within the project's development area. The remaining 90.09 hectares comprise Vo Van Kiet Street (Ring Road 3), Provincial Road 23 and the water surface of the Thiep River, and are excluded from the investment scope.
The development is expected to accommodate approximately 97,492 residents. It will include commercial housing, social housing, resettlement housing and official-duty housing, alongside public facilities, service facilities and technical infrastructure.
The total residential floor area is projected to exceed 5.5 million sq m. Social housing will account for approximately 21.83 per cent, while resettlement and official-duty housing will make up 40.17 per cent. Commercial housing will represent the remaining 38 per cent.
In terms of land allocation, approximately 43 hectares will be designated for resettlement townhouses, 15.06 hectares for social housing and 4.33 hectares for apartment buildings serving resettlement and official-duty housing needs.
The investor consortium is responsible for ensuring that land allocated for social housing accounts for at least 20 per cent of the total residential land area, in accordance with regulations.
The project is scheduled for implementation between 2026 and 2032. It will have an operating term of 50 years from the date the state decides to allocate or lease the land, or grants permission to change its designated land use purpose.
