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Vietnam Real Estate - The Ha Noi Department of Planning and Architecture late last week announced details of the West Lake urban area project.

The urban area, which has a total investment capital of US$314-mil in its first phase, will cover an area of more than 200ha and can accommodate around 20,000 people.

According to the detailed plan, the urban area will expand into Xuan La Ward in Tay Ho District, Cau Giay District's Nghia Do Ward and Xuan Dinh and Co Nhue Wards in Tu Liem District.

The West Lake urban area will border Lac Long Quan Street in the east and Pham Van Dong Street in the west. To the north and south it will border Van Phuc Diplomatic Corps headquarters and Hoang Quoc Viet Street respectively.

The new urban area will consist of housing, office buildings, high-end hotels, parks, banks and commercial centres.

The project is expected to have the land clearance phase completed in 2009 and basic building completed in 2011.

Final project completion is slated for 2014.

Living quarters, hotels and commercial centres would be completed for the 1,000th anniversary of Thang Long-Ha Noi (which falls in 2010), Lee Kwon Sang, president of T.H.T Development Company, the project's investor said in an interview with Dau Tu (Investment) newspaper.

Lee Kwon Sang estimated that the total investment capital of the project was around $1bil, of which $200mil had been raised.

THT Development Co is a 100% Korean investment owned by five large Korean construction companies.

(Source: Viet Nam News)

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