The South Korean developer of the Starlake township in Hanoi has succeeded in transferring a range of sub-projects to other investors in order to build up additional facilities.
|The Starlake township covers a huge part of the immediate west of Hanoi’s West Lake |
THT Development Co., Ltd. and Toshin Development Co., Ltd. - established in 1963 by Takashimaya Group – officially completed the transferral procedures for the project of a commercial centre and Japanese-themed offices at a size of 1.7 hectares.
Takashimaya is already investing ¥1.3 billion ($12.5 million) into the construction and operation of a K-12 school there in cooperation with Edufit International Education, a Vietnamese school operator.
The Japanese company will also develop commercial and office space at Starlake between 2022 and 2025, along with two separate large-scale commercial projects elsewhere in Hanoi.
The complex in Starlake is the second funded by Takashimaya in Vietnam, after a retail centre was opened in Ho Chi Minh City in 2016.
The group has also transferred a land plot for Landmark 55 – a high-end hotel, office for lease, and trade and service centre complex – to domestic group Taseco Invest JSC.The land plot is located over 23,600 square metres and is expected to see construction started in the next couple of months, with completion marked for the end of 2024. The 55-storey tower will be the third-highest tower of Hanoi after Keangnam Landmark 72 and Lotte Centre Hanoi. Taseco Invest JSC is has previously been involved in pouring money into real estate, aviation, hotels, and finance.
Starlake is currently home to many other sub-investors such as South Korean groups E-Mart and CJ. E-Mart first appeared in Ho Chi Minh City with a 3-ha supermarket costing $60 million. Founded in 1993, E-Mart has become a retailer with more than 160 supermarkets found in South Korea, China, Vietnam, and Mongolia.
CJ meanwhile is expanding its business in Vietnam via a range of famous brand names such as Tous Les Jours, CGV, CJ Korea Express, and SCJ TV Homeshopping. It has also carried out a range of mergers and acquisitions with the likes of Vissan, Gemadept, and Sacomreal.
Starlake was invested in by THT Development Co., Ltd. with 100-per-cent investment capital from South Korea’s Daewoo E&C, at a total of up to $1.3 billion. Last July, THT Development received approval from the government to increase its capital with an additional $774 million.
Located in Hanoi’s expatriate centre of Tay Ho district and overlapping neighbouring Cau Giay and Tu Liem districts, Starlake was deemed the last golden land plot left alongside the capital’s West Lake. It was given an investment certificate in 2006 but did not start construction until 2014 due to difficulties in land clearance and compensation.
The township’s first residential block, consisting of more than 600 high-end units, was handed over to homebuyers last October.