According to the feng shui concept, the gateway to the northwest of the capital – Tay Ho area is a land of prosperous spirit and prosperity for the development of life and people. Owning more than 1,000 hectares of green trees and water surface with many spiritual high-value cultural relics, along with the strategic position in the development plan of the capital, it is not difficult to understand when Tay Ho area is always “hot spot” which attracts foreign investors with “famous” names from developed countries such as Indonesia, Korea and Singapore.
1. Ciputra – Footprint of the pioneer
It is undeniable that the real estate market in the West Lake area is growing rapidly thanks to a large part of foreign corporations, of which the pioneer is the Ciputra brand. The wonderful location, great landscape and ideal traffic are factors “paid attention” by an Indonesian number one real estate tycoon. In the 90s, the development of a hundred hectare-scale project seemed to be a really “unimaginable” one when the concepts such as: closed urban area, high-end apartment, green living space, green house, international community, high-end facilities … are quite strange to Vietnamese people at that time. However, with the experience of developing hundreds of large-scale housing projects in Southest Asian countries, especially the success of Pullman Hanoi Hotel – Ciputra Group’s first investment project in Hanoi, Ciputra has gained trust from the Vietnamese government to be licensed to build Ciputra Hanoi project with a scale of 300 hectares. For now, the reality has proved the continuous efforts of Indonesian “tycoon” with the passion to turn the vacant land adjacent to West Lake in the past into a top-class housing complex of Ha Thanh, the residence of the largest international community in Hanoi with nearly 40% of foreign residents coming from more than 70 countries. “Green urban area”, “The most livable place in Ha Thanh”, “The Central Park Ciputra Villa, Grand Gardenville Ciputra”, “TheLINK Ciputra Apartment”, … are always the “hot” keywords most searched for anyone who is tending to the high-end real estate line in Tay Ho area.
Ciputra – Pioneer green urban area, the settlement of the largest international community in Hanoi
2. Lotte Mall Hanoi –The push to change the appearance of Northwestern real estate in Hanoi
Touching the real estate market in Hanoi after the success of Lotte Tower – the second highest building in Hanoi, the third highest building in Vietnam invested by USD 300 million, “Lotte’s development prospects in Vietnam is great, especially in the hotel business. The proportion of hotel rooms in Lotte Center Hanoi is always high, showing that Hanoi is a reliable and potential market” said by Mr. Shin Dong Bin – Chairman of Lotte Group. The location for this Korean tycoon to “try before you trust” for the second great project is the “diamond” position in Ciputra urban area.
Lotte Mall Hanoi is located at the “diamond position” in the Ciputra population
Located on 7.3 hectares of land, with two fronts adjacent to two arterial roads, Vo Chi Cong Street and Lac Long Quan Street connecting the City center with Noi Bai International Airport, the Lotte Mall project will be a the most luxurious complex in Vietnam with items such as serviced apartments, commercial center, cinema, hotel, office and aquarium. The project was started in 11/2018 and is expected to be completed in 2021. Lotte Group’s recent decision that has increased to USD 600 million (double the investment capital in comparison with to the initial estimate) for expanding the items have shown the Korean tycoon’s determination to “do great”.
Lotte Mall Hanoi is expected to go into operation from 2021
High-end Lotte commercial – hotel – office complex will be a strong leverage for Tay Ho real estate market
A fact has been witnessed not only in countries around the world but also right in Vietnam, hypermarkets and retail centers have always been a strong leverage for the development of neighborhood real estate. Looking back the appearance of Aeon Mall Long Bien, it has greatly contributed to changing the appearance of the real estate market in the Northeast of Hanoi when the land price of surrounding areas such as Tu Dinh and Co Linh has increased by 20-30%, Aeon Mall Ha Dong project which has just started has affected the land price of Nam Cuong, An Phu project or the influence of Big C (2005) and Metro Cash & Carry Ha Dong commercial center make the surrounding land price increase to startling numbers and apartment projects are always in high demand.
According to experts, after completing Lotte Mall Hanoi, along with a series of super projects that are about to be implemented such as BRG’s smart city mega-urban area, Kim Quy Park – ‘Disneyland’ Hanoi invested by Sungroup, Vingroup’s world fifth largest National Exhibition Fair Center … will make Nhat Tan – Noi Bai become Hanoi’s golden development axis in the near future and the potential of increasing real estate price will be extremely impressive. Therefore, it is not difficult to understand why investors have high expectations on the neighboring projects of Lotte Mall such as Sunshine City, Eldorado … especially Ciputra Hanoi, when the Lotte Mall Hanoi complex is located in the complex of this Urban area.
3. Other typical names
Another project called in Tay Ho district is Daewoo’s Starlake. Also joining the Vietnam market just after Ciputra for a few years, starting with Daewoo Hotel, this Korean business is quickly holding the ASEAN City project (in Dong Anh District) with the scale of 1,900 ha and the Starlake urban area in the West of West Lake. While the ASEAN City project seems to be suspended indefinitely by the impact of the financial crisis in 1998, until 2006, the Starlake project was officially deployed when Daewoo cooperated with 5 other companies from Korea.
Capitaland is also a name that can’t be ignored in the Tay Ho real estate race. The tycoon from the lion island nation came later, but also quickly “expanded” his power through the acquisition of 9,000m2 of land at Lac Long Quan Street with the value of $30 million. Detailed information about the project scale and implementation has not been disclosed.
It can be said that West Lake real estate is always a magnet with strong attraction to investors, of which the luxury apartments such as Ciputra’s theLINK or Grand Gardenville villas are always most “hunted” when they possess the dual advantages such as: both newly isolated at the “green oasis” and synchronously planned and “near” Lotte Mall Hanoi. Along with deploying and expanding a series of arterial routes such as: Vo Chi Cong, Pham Van Dong, Nghi Tam and extended Nguyen Van Huyen, 40m road through Ciputra urban area connecting the two bridges of Nhat Tan and Thang Long, Metro Line 3 from Ciputra to the center of the Old Quarter, the continuous appearance of foreign investors has created a strong development for the real estate market of this area.