All roads leading to My Dinh area

My Dinh is already home to many notable Hanoi landmarks

In a related move, the central government has recently urged Hanoi People’s Committee, in cooperation with the Ministry of Construction and other relevant governmental agencies, to complete plans to develop My Dinh commune’s Tu Liem district to become the capital’s new state administration centre.

Prime Minister Nguyen Tan Dung’s directions said that My Dinh would create favourable conditions for the development of governmental and business office buildings. This move will help meet the increasing demand after the city’s size tripled since it was merged with the former Ha Tay province and parts of neighbouring Vinh Phuc and Hoa Binh provinces.

Bui Quang Dung, a consultant from property consulting firm Colliers International, said the My Dinh area was becoming one of the most hunted investment places by domestic and foreign investors.

“My Dinh now is the most developing area of Hanoi, concentrated with many newly built high-rise properties,” Dung said.

According to Richard Leech, executive director of CB Richard Ellis Vietnam, with such new property developments in the My Dinh area, tenants for office and apartments for lease would have more choices, apart from only focusing on the city’s current centre in Hoan Kiem, Ba Dinh or Hai Ba Trung inner districts, which were exposed to be “too tight” for a six million population capital, with hundreds of state agencies and business offices.

“The trend has been to move to other districts in the west such as Cau Giay and Tu Liem with My Dinh area the focal point, where many new projects have been set up,” Leech said.

According to CB Richard Ellis Vietnam’s recent reports, My Dinh has many advantages to becoming a new centre of Hanoi since it has good infrastructure systems, surrounded by ring roads and located in one end of the Lang-Hoa Lac expressway linking Hanoi and Hoa Lac area where the capital’s hi-tech park and national universities are located.

Public properties such as National Convention Centre, National Sport Stadium and Hanoi Museum as well as commercial centres such as Big C hypermarket, Bitexco’s The Garden, the Manor, Keangnam Landmark Tower and dozens of office buildings can be found in the My Dinh area.

This area is also luring a handful of hotel developers who have seen opportunities arising from the capital’s dearth of rooms. Bitexco is currently developing the 450 room five-star JW Marriott Hotel Hanoi with estimated investment capital of $130 million, which will be open in the coming years.

Meanwhile, some other  hotel projects have been planned for the My Dinh and Me Tri areas, including the 360-room Hanoi Plaza by Charmvit Group, Tran Hong Quan Trade Company’s 363-room Crowne Plaza and the $500 million Lotus Hotel of Kinh Bac Corp 

Many other office buildings have been developed in My Dinh area by famous investors such as CEO Investment, Cavico Vietnam, Vimeco and Keangnam Vina. Moreover, My Dinh area is the beginning milestone of Lang-Hoa Lac expressway, which was just named by the government as the “Thang Long boulevard”.

The Thang Long boulevard, which was recently opened to traffic on the occasion of the Hanoi-Thang Long millennium anniversary, is expected to boost the development of mixed-use commercial, hitech business and light industrial, recreational and ecological developments, schools and medical facilities along both sides of the expressway.

The CBRE reports said that there were more than 100 residential developments at the planning or construction stages, while other recreational facilities are on the drawing boards to draw interests of people living along two sides of the Thang Long boulevard.

Those township developments underway include the 240 hectare Nam An Khanh developed by a joint venture between Posco and Vinaconex or Song Da Urban and Industrial Zone Investment and Development Joint Stock Company’s 180ha Bac An Khanh.