Photo: Hanoi Portal
Project within Nhat Tan-Noi Bai urban area promises to be a driving force for the development of the capital's northern extremity.
A super financial, trade and urban complex capped off with a 108-storey tower will be built along the Nhat Tan-Noi Bai Highway (also known as Vo Nguyen Giap Highway) in Hanoi and is expected to become a driving force for the development of the capital’s north.
The project is mapped out in the official master plan for both sides of the Nhat Tan-Noi Bai Highway announced by the Hanoi Department of Planning and Architecture on June 23.
The project has a total area of 1,810 ha and stretches for 11.1 km along the Nhat Tan-Noi Bai Highway in Dong Anh and Soc Son districts.
“The heart of the project is the 108-storey Phuong Trach Financial Tower,” a representative from the Department of Planning and Architecture said. “It will be a multi-function building and a symbol of Hanoi.”
An estimated VND33 trillion ($1.55 billion) in investment will be required for infrastructure and land clearance, which is expected to be completed by 2025.
Buildings within the project will be lower towards the Noi Bai International Airport end of the highway and higher towards the Phuong Trach Tower end. The first section will consist of buildings with a maximum height of seven stories, the second will have a maximum of 20 stories, and the third will have a maximum of 108 stories.
The master plan for both sides of the Nhat Tan-Noi Bai Highway is designed like “a dragon chasing a pearl” according to P&T Consultants Pte Ltd from Hong Kong and is aimed at recreating the image of the Thang Long imperial city from the past.
Speaking at the launch of the master plan, Chairman of the Hanoi People’s Committee Nguyen Duc Chung said the master plan is necessary for the development of the Red River area and will provide the basis for calling for investment. “Hanoi will organize investment promotions to seek investors for the project and at the same time meet with domestic and foreign investors who already wish to invest,” he said.
The master plan was approved by the government in 2011. The Hanoi People’s Committee previously prepared a proposal to call for capital for the development of the Nhat Tan-Noi Bai urban area, along the two sides of the highway.
The city also requested the government arrange preferential loans and set aside official development assistance (ODA) funds, with land use fees providing money for repayment.
It also wishes to conduct a bidding auction for investor selection. “Successful bidders will be based on experience, financial capacity, and management capacity,” the relevant proposal states.
Landmark 72 is currently the tallest building in Hanoi, followed by the Lotte Center Hanoi, with 63 stories.