The consortium led by Vingroup Corporation plans to start construction of the new urban area in the Northwest of Bac Ninh (area 1) on August 19. The project is expected to create an important highlight in the urban development picture of the northern industrial "capital".
The urban area is located in Kinh Bac ward, Bac Ninh province with a scale of about 277 hectares, one side facing Cau river, most of the area is currently residential land, agricultural land and lakes. The project is planned for a 50-year operation period, expected to be implemented in 7 years and put into operation from 2032.
The detailed planning shows that about 60 hectares will be used for housing construction, including nearly 3.500 villas, 4-storey townhouses and apartment buildings up to 35 floors. The project also allocates 9,5 hectares for social housing, in addition to a system of office buildings, services, parks, inter-level schools, medical facilities, sports areas, etc. The total investment capital is estimated at more than 41.270 billion VND (equivalent to 1,58 billion USD), of which compensation and site clearance costs are more than 1.100 billion VND.
Not only Vingroup, Bac Ninh after merging with Bac Giang to become an industrial "super province" is becoming the destination of a series of large real estate corporations. In February, T&T Group of Mr. Do Quang Hien proposed three projects of more than 2 hectares in the province including urban areas, commercial services and synchronous social infrastructure.
In addition, Sun Group has also worked with provincial leaders to research investment in tourism-resort projects and riverside urban areas; Phu My Hung is looking for land to develop modern urban areas targeting the community of experts and managers working in industrial parks.
The successive emergence of real estate “giants” shows that Bac Ninh is reshaping the urban development map, not only as an industrial production center but also aiming to become a new growth pole in trade, services and high-quality housing in the key economic region of the North. With a traffic infrastructure directly connecting Hanoi – Hai Phong – Quang Ninh, a large land fund and strong investment attraction policies, Bac Ninh is forecast by experts to witness an explosion in the urban real estate segment, parallel with the growth of industrial real estate in the coming years.
Source: Observer Electronic Newspaper
