Indochina Kajima breaks ground on Grade A office building in Hanoi’s emerging hub
Parc Hanoi marks Indochina Kajima's first office-for-lease project in its $1 billion investment plan in Vietnam.
As plan, the diplomatic compound urban area will be built as modern area with convenient transport infrastructure but now, it is likely to be an "oasis" in the heart of Hanoi which is isolated from the outside world.
Ngoai Giao Doan urban area project which was invested by Hanoi Construction Corporation (Hancorp) has a size of 62.8ha and it located in the West of West Lake, Xuan Dinh commune, Tu Liem district, Hanoi.
With a total investment capital of up to VND1.3 trillion (US$57 million), this project was built to meet the demand for developing embassies in Vietnam, international organizations, non-governmental organizations and housing for foreigners in Hanoi.
However, on May 22, 2017, the People's Committee of Hanoi issued the Decision No. 2905/QD-QHKT approving the adjustment of the detailed planning of the diplomatic compound project.
According to this Decision, the land formerly used for public became a housing project. The number of residents in this urban area will increase to more than ten thousands, which will result in pressure on technical infrastructure, social infrastructure and roads.
This adjustment caused a strong angry reaction from residents at the diplomatic compound urban area because they argued that this adjustment would not only increase building density, grow number of residents and put pressure on infrastructure but also directly affect apartment prices.
In addition, this decision violated the commitment to customers when residents were not informed about this.
As plan, Ngoai Giao Doan urban area will be built as modern area with convenient transport infrastructure but now, it is likely to be an "oasis" in the heart of Hanoi which is isolated from the outside world.
At present, people can go in and go out this urban area only through Do Nhuan street that connects with Pham Van Dong Street while other planned routes are still on paper.
Parc Hanoi marks Indochina Kajima's first office-for-lease project in its $1 billion investment plan in Vietnam.
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