A preliminary Hanoi estimate includes about 417 land users in the land clearance area for a project to redevelop and reorganize the space around Hoan Kiem Lake. They include about 356 households and 61 organizations.
The Hoan Kiem district has 291 households in the project area, while the Cua Nam district has 65. Of the organizations, 47 are in Hoan Kiem and 14 are in Cua Nam.
The figures come from an initial survey and are not final. Authorities will determine the exact number of affected households and organizations after measuring the sites, checking their actual conditions and carrying out an inventory.
On October 28, the Hanoi People's Council approved the investment policy for a project to redevelop, improve and reorganize the space around Hoan Kiem Lake and its surrounding area.
The project's preliminary total investment is VND 22.229 trillion. It will be carried out in the Hoan Kiem and Cua Nam districts and is expected to be fully completed in 2029.
The project consists of three separate components.
The first component covers land clearance. Its planning study area is about 66.82 hectares, while the proposed land use area is about 30.82 hectares. It has an estimated cost of VND 9.924 trillion and will be funded by the city budget, with the Hoan Kiem District People's Committee as the investor.
The second component is an underground shopping center in the park and square areas east and north of Hoan Kiem Lake. It will have four basement levels and more than 82,600 square meters of floor space, with an investment of VND 4.611 trillion.
Rent from the underground space is expected to bring in about VND 1.604 trillion. The revenue is planned to go to the budget to pay for the third component.
The third component has a preliminary investment of VND 7.694 trillion and will be carried out as a public private partnership under a build transfer contract.
It includes a new Hanoi People's Committee office costing about VND 3.518 trillion, renovations to the city People's Council office costing VND 268 billion, and improvements to the southeastern area of Hoan Kiem Lake costing VND 3.908 trillion.
The second and third components will be invested in by Mặt Trời Thủ đô Real Estate JSC. Funding will come from its equity and other lawful sources.
The planned payment for the BT project will use a land fund together with the state budget and revenue from underground-space operations.
The proposed land fund consists of six sites with a combined area of about 7.31 hectares and a preliminary value of VND 4.878 trillion. The sites are on Trang Tien Street, on both sides of Hanoi Post Office, at 1–3 Tang Bat Ho, 5 Le Thanh Tong, 15 Hai Ba Trung and Mai Lam village in Dong Anh commune.
The city says these are only proposed land sites. Any transfer of land to the investor will follow the law.
During the next stages of adjusting the zoning plan, appraising and approving the project, Hanoi will continue to clarify the boundaries, scale of individual components, total investment and the area's carrying capacity.
The city will also review building heights, the depth and boundaries of underground space, and the functions planned for the historic core. It will reduce the commercial area and protect historical and revolutionary monuments within the study area.
Sources: Thanh Niên
