Bac Ninh Province Approves Investor for $1.3 Billion Mixed-Use Urban Area and International Market Project

Bac Ninh Province has officially selected a consortium comprising Tuấn Mai Joint Stock Company, Sun Grand Investment Joint Stock Company, and Ravahomes Real Estate Joint Stock Company as the investor for a large-scale mixed-use urban area and international market project, with a total investment of approximately VND 33 trillion (around $1.3 billion). The project will be situated on a vast area of nearly 295 hectares in Tiền Phong Ward. The development plan includes approximately 54 hectares for low-rise housing (up to five stories) and nearly 60 hectares for high-rise commercial and service facilities (up to 30 stories). Additionally, the project will feature schools, healthcare facilities, public green spaces, and parking lots. Social housing is also incorporated, with infrastructure to be completed by the investor before handover to the state. The development is projected to accommodate a population of nearly 42,500 people. The total investment for the project is estimated at VND 32.8 trillion, with the investor's equity exceeding VND 4.9 trillion. The development will be implemented in three phases over an estimated six-year period. Upon completion, the project is expected to establish a new urban, commercial, and service hub, facilitating domestic and international trade. Bac Ninh Province benefits from its strategic location within the key economic triangle of Hanoi, Hai Phong, and Quang Ninh, serving as the northeastern gateway to the capital. In recent years, the province has experienced significant growth across various real estate segments, including residential, urban development, and industrial parks. Furthermore, Bac Ninh is set to officially become a centrally-governed city from September 20, 2023, further enhancing its strategic importance in Northern Vietnam. Information Source: VnExpress