Hanoi seeks approval for Hoan Kiem Lake redevelopment
The proposal covers approximately 66.82 hectares and includes expanded public spaces, an underground shopping centre and heritage conservation.
Hanoi’s People’s Committee has asked the municipal People’s Council to approve in principle a redevelopment project around Hoan Kiem Lake and its investor. The proposal envisages a public-private partnership using a build-transfer contract.
The planned area spans approximately 66.82 hectares across Hoan Kiem and Cua Nam Wards. A large public square would link the lake to Cach Mang Thang Tam Square, the Hanoi Opera House, the Vietnam National Museum of History and nearby areas. The proposal also aims to expand public space, reorganise traffic and underground space, and conserve and promote local heritage.
The proposal divides the work into three components. Site clearance would cover approximately 30.82 hectares, with preliminary investment of ₫9.924 trillion from the city budget. The Hoan Kiem Ward People’s Committee would be the investor. Plots B1.6 and B4.13-HH1 are excluded and would be addressed through separate projects.
An underground shopping centre is planned beneath parks and squares to the east and north of the lake. It would have four basement levels and approximately 82,608 square metres of floor space, with preliminary investment of ₫4.611 trillion. Sun Capital Real Estate Joint Stock Company would invest directly in this component.
Sun Capital would also be the investor for construction, renovation and landscaping around the lake, provisionally costing ₫7.694 trillion. That component includes approximately ₫3.518 trillion for the area containing the Hanoi People’s Committee headquarters, ₫268 billion for renovating the municipal People’s Council headquarters and ₫3.908 trillion for improvements southeast of the lake.
