Major property project launched in Hanoi

VNRE - Hoang Gia Real Estate Investment and Development JSC announced on Monday to launch apartments and lease retail spaces in a major property project underway in the capital city of Hanoi.

The affiliate of Vincom Corporation said the Royal City project had had the foundation of the first building completed, making it ready to sign contracts with homebuyers and tenants of apartments and retail spaces.

The property project, covering some 13 hectares along Nguyen Trai Street in Hanoi’s Thanh Xuan District, will cost around VND10 trillion.

Royal City will come with European architecture and have sections for hotel, offices, apartments and some 200,000 square meters of retail, an indoor water park, an ice skating rink, an entertainment area and eateries.

In addition to some 70,000 square meters of green space, there will be a 300,000-square-meter underground parking lot for residents and visitors.

The developer said that although it is under construction, around 30% of the project’s total retail spaces have been registered by future tenants.

As scheduled, Royal City will be up and running by late 2013.

Reported by Dinh Dung/ The Saigon Times Daily