The real estate market in Northern Vietnam is experiencing significant recovery and growth, with Western Hanoi emerging as a bright spot. In this context, Thang Long Investment Group JSC (TIG) - the owner of the Vuon Vua Resort & Villas and TIG Dai Mo Green Garden projects - is gaining attention due to its large land bank in Western Hanoi.
Western Hanoi's real estate market is booming, driven by key factors such as the Planning of the Capital for the period 2021 - 2030, vision to 2050, robust infrastructure development, and plans to establish new cities in the region. The development plan of the Hoa Lac Hi-tech Park, along with the Tourism City in Son Tay - Ba Vi, has significantly boosted land values. Recently, land auctions in Thanh Oai and Hoai Duc have recorded high winning bids, with the highest price reaching VND133 million/m².
The synchronized development of transportation infrastructure, including critical projects like Ring Road 3.5, Ring Road 4, and urban railways, has significantly improved connectivity between Western Hanoi and its center. Major roads like Thang Long Avenue, National Highway 32, and the Cat Linh - Ha Dong metro line have played a crucial role in linking this area with the city center, providing a strong impetus for the growth of Western Hanoi's real estate market. This development not only attracts large investors but also increases the demand for housing, making this area an ideal destination for high-end real estate projects.
The relocation of government agencies and large enterprises to Western Hanoi has also played a significant role in creating a wave of population movement, increasing housing demand, and further energizing the local real estate market. Areas such as Hoai Duc, Nam Tu Liem, and Cau Giay are witnessing a sharp increase in both demand and supply, with real estate prices rising by 7% to 15% in recent years.
TIG is recognized as one of the companies effectively capturing this trend. With a land bank of nearly 500 hectares near Hanoi, the Company is heavily investing in resort real estate projects, leveraging the geographical advantages and development trends of the region. Currently, the Company is focusing on effectively implementing a 240-hectare resort project in Thanh Thuy District, Phu Tho Province, which is located near the area designated for future Tourism City development.
The project cluster's location offers significant advantages, particularly in the context of urban planning and infrastructure development in Western Hanoi. It is close to the urban areas of Son Tay, Phuc Tho, and Dan Phuong, along with major roads like National Highway 32 and Thang Long Avenue. With the development of key routes such as Ring Road 3.5 and Ring Road 4, traveling from the project to other areas within the city has become easier. This connectivity facilitates convenient connections between this area, Hanoi's city center, and surrounding urban areas, creating favorable conditions for residents and tourists alike.
Location of Vuon Vua Resort & Villas Project Cluster
Within the mentioned project cluster, TIG has already launched Phase 1 of Vuon Vua Resort & Villas, located in Dong Trung Commune, Thanh Thuy District, Phu Tho Province. The project spans 40 hectares, featuring 300 villas and 81 shophouses.
Plans are underway to expand the resort further, including 18-hole golf courses and additional eco-friendly villas, with a total investment of nearly VND2,500 billion, over an area of 120 hectares. Vuon Vua Resort & Villas is expected to become a leading destination in Western Hanoi, appealing to both large investors and individual buyers, especially as satellite cities are being developed to meet the growing demand for leisure and investment.
Additionally, TIG is completing the handover of the TIG Dai Mo Green Garden project in Tu Liem, Hanoi. Covering nearly 7,000 m2 with a total investment of VND220 billion.
Looking ahead to the second half of 2024, the real estate market is anticipated to continue its recovery. As both domestic and international tourism experience strong growth, the resort real estate segment is expected to shine. The tourism sector's recovery also boosts demand for resort properties, appealing to investors looking for dual-purpose assets that offer both vacation use and rental income. This presents a significant development opportunity for projects like Vuon Vua Resort & Villas, especially as remittances are expected to flow in strongly.