The realty market in eastern Hanoi is forecast to grow stronger than ever with important transport projects worth billions of dollars being built in the second half of the year.
A view of the east of Hanoi by the Red River. (Photo cafef.vn)
According to experts, Hanoi’s eastern area has grown strongly over the past 10 years.
Transport projects, including the extended Highway No 5, the intersection of the Ring Road 3 with the Hanoi- Hai Phong and Co Linh motorway, and phase 2 of Vinh Tuy Bridge, will be built from 2020-24. Phase 2 of Vinh Tuy Bridge will cost a total of 2.5 trillion VND (106.5 million USD).
There are also plans for Tran Hung Dao Bridge, Giang Bien Bridge and Tu Lien Bridge in the area.
At the same time, as one of the largest realty developers in Vietnam, Vingroup has recently asked for investment policies to build two overpasses at the crossroads between Dong Du and Duong Xa streets and a highway adjacent to Vinhomes Ocean Park.
When the two overpasses are finished, they will form a modern traffic axis, creating flexible traffic flow from all directions connecting the entire city with the east of Hanoi.
Along with transport infrastructure, social infrastructure is also an advantage in the area. Facilities such as Aeon Mall, BigC Long Bien, Savico Megamall, Tokyo Medical Hospital and the upcoming Vincom Megamall Ocean Park will help attract residents.
The Prime Minister also adjusted the general plan for Hanoi, focusing on modern urban areas, as well as technical and social infrastructure in the eastern region, concentrated in the districts of Dong Anh, Gia Lam, Yen Vien and Long Bien.
Dang Hung Vo, former deputy Minister of Natural Resources and Environment, said: "The development of the east is reasonable. The area has both mountains and rivers, so it will not be flooded."
Vo forecast it will become a "hot spot" for real estate investment as it has a large land fund and increasing infrastructure development.
Popular market research firms CBRE and Savills confirmed that real estate in the area has been attracting the attention of investors and customers, adding the market will witness many projects launching in the next couple of years.
According to investors, the east is a potential area connecting the capital city with the northern economic centres such as Hai Duong, Hai Phong and Quang Ninh.