Vietnamese developer BRG Group has joined with Japanese finance house Sumitomo to plan a residential and business district on the outskirts of Hanoi, the two companies announced yesterday (6 October) at a ceremony attended by Vietnam’s prime minister, Nguyen Xuan Phuc.
Nikkei Asian Review and other media report that the investment amounts to $4.2bn.Â
The so-called "smart city" will be built on a 272ha site in the Dong Anh district in northern Hanoi, about 10km from downtown on the route of a planned metro extension to Noi Bai International Airport.
The project is divided into five phases. The first of these will get under way next year and will involve the construction of about 7,000 apartments and homes, say reports.
When complete, the city will contain hospitals, schools, disaster prevention facilities, security systems and commercial facilities, as well as "lush greenery, water passage, and a main street lined with cherry blossom trees", according to the companies’ press statement.
The "smart" element will be offered by 5G, face recognition system and blockchain technologies, allowing "sophisticated smart city services". A smart monitoring and warning system will be installed to track the quality of air and water, the weather, and natural disaster risks as well as security and safety.
A management system for buildings will optimise renewable energy supply and storage.
According to one report, the new district will have a 108-storey financial tower, which the investors hope will become a new financial centre for Vietnam and Southeast Asian region.
Sumitomo and BRG have formed a 50:50 joint venture to take the scheme forward.
The Japanese company said the scheme was part of its plan to provide smart and sustainable infrastructure in rapidly developing economies such as Vietnam.
It commented: "Through this project, by responding to the urbanisation demand driven by its economic and population growth, we hope to contribute to the development of Vietnamese economy and industry while building a city where everyone can enjoy a comfortable and exhilarating everyday life."
The scheme is a more ambitious version of Manor Centre Park, the $1.9bn Hanoi suburb developed by Mitsubishi Corporation with Vietnamese real estate group Bitexco (see Further reading).
Image: Sumitomo’s rendering of the scheme