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| The Manor building invested by Bitexco in Hanoi’s My Dinh area - Photo: Thanh Hang |
According to Hanoi’s draft plan for the 2015-2030 period, the capital city will be developed towards the west, so a lot of investments have been poured into My Dinh area, 11 kilometers west of the city center.
The Government has been working on a plan to turn My Dinh into a new administration center. Office buildings, hotels, other facilities and infrastructure works have started taking shape in the area as demand has begun to rise.
The increasing pace of urbanization in this outlying area is a magnet for developers to move to Tu Liem District’s My Dinh-Me Tri area to build high-rise properties.
Convenient road access is one of the main reasons behind the ease of setting up the new administration center. My Dinh area not only borders My Dinh commune of Tu Liem District, but stretches to a larger area of Cau Giay District also, especially areas surrounding Pham Hung, Me tri, Nguyen Phong Sac, Le Duc Tho, Le Quang Dao, Xuan Thuy and Ho Tung Mau roads. From My Dinh area, one can easily travel to the areas north and northwest of Hanoi.
According to CB Richard Ellis Vietnam’s recent reports, advantages abound in My Dinh area since it has a full-fledged infrastructure system, and a key highlight is the Lang-Hoa Lac Expressway which links Hanoi and Hoa Lac area where the city’s hi-tech park and national universities are located.
The area is home to many newly-built structures of national significance such as the National Convention Center, National Sport Stadium and Hanoi Museum. In addition, a number of ministries like Foreign Affairs, Science and Technology, Home Affairs, and Natural Resources and Environment and the Police Department are situated there.
Many multi-purpose building complexes (offices and apartments), shopping centers and residential areas like Bitexco’s The Garden, the Manor and Keangnam Landmark Tower have become outstanding additions to the area’s skyline.
With the office buildings being developed in My Dinh area by famous investors such as Bitexco Group, CEO Investment, Cavico Vietnam, Vimeco and Keangnam, tenants will be offered additional choices apart from those in the inner-city districts of Hoan Kiem, Ba Dinh and Hai Ba Trung.
Hotel developers have also seen business potential in Hanoi’s new administrative center. About eight international hotel projects have been planned for My Dinh and Me Tri areas, including Bitexco’s 450-room JW Marriott, the 630-room Hanoi Plaza by Charmvit Group.
Vietnamese property development group Bitexco last year awarded a contract for management of its forthcoming luxury hotel in Hanoi to the U.S.-based hotel management giant Marriott International Inc. Under the agreement, Marriott will manage the architecturally-stunning 450-room, nine-story JW Marriott Hotel Hanoi when it is launched in 2012.
The US$130 million hotel will be built on 63 hectares of land and 16 hectares of water surface, adjacent to the National Convention Center. JW Marriott Hotel Hanoi is the first five-star hotel project in Vietnam to be managed by the American hotel group under the high-end brand JW Marriott.
Vu Quang Hoi, Bitexco chairman, says it is the Government that has selected his company as investor of this important project near the National Convention Center, the venue for major international conferences. He adds that Bitexco had worked hard and long with a number of internationally-renowned hotel managers before picking one big name to manage the US$130-million hotel.
Experts say the current popular trend is to move from the west to the downtown area to look for offices and other properties, but this will turn the other way round in the coming years.
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