The Ultimate Urban Oasis: Why Top Developers are Betting Big on Hanoi’s “Island”

As prime real estate in city centers becomes increasingly scarce and expensive, instead of engaging in a gold land hunt, many large real estate developers are investing billions of dollars to unlock the potential of islands located in the heart of cities.

For example, in late May, Saigon Thuong Tin Real Estate Joint Stock Company (TTC) unveiled the Kim Quy Island brand in Tan Van Isle (Bien Hoa City, Dong Nai Province).

The 48-hectare project includes 571 products of shophouses, detached and semi-detached villas with a total investment of VND 7,200 billion.

A unique feature of the Kim Quy Island project is that it is surrounded by the Dong Nai River on four sides, just over 20 km from Ho Chi Minh City, located at a key trade gateway, adjacent to the Metro line and major transport routes such as Belt Road 2 and Belt Road 3. This area boasts rapid and synchronized infrastructure development, with direct connections to the economic triangle of Ho Chi Minh City – Dong Nai – Binh Duong.

Similarly, Vu Yen, one of the islands located in Thuy Nguyen district and Hai An district (Hai Phong city) and surrounded by three rivers: Bach Dang, Cam, and Ruot Lon, has also welcomed the arrival of Vinhomes, a prominent developer, in recent years.

This 870-hectare island is home to the “Royal Island City” project – Vinhomes Royal Island, with a total investment of up to VND 44,000 billion. The project offers a diverse range of products, including townhouses, shophouses, semi-detached and detached villas, along with a comprehensive suite of amenities.

One of the key attractions of Vu Yen Island is its seamless connectivity. In addition to being encircled by three major rivers, the project is also conveniently located near three international airports: Cat Bi, Noi Bai, and Van Don; and adjacent to vital transport routes such as the Hanoi – Hai Phong expressway, the Hai Phong – Ha Long expressway, and National Highway 5…

Another island located in Thu Duc City (Ho Chi Minh City), surrounded by the Saigon River and the Ong Gio River, is the site of the Diamond Island project, developed by the Kusto Group since 2016. Spanning 8 hectares, the project comprises six towers and offers over 1,250 apartments.

Similar to the aforementioned islands, Diamond Island boasts a convenient location with easy connectivity to the city center.

Also in Ho Chi Minh City, Binh Quoi – Thanh Da peninsula (Binh Thanh district) is the only area in the city with a large tract of vacant land suitable for developing a sustainable eco-urban area within a 10-kilometer radius of the city center. Spanning 427 hectares, the peninsula was approved for investment in 1992, but the project has yet to be implemented.

Recently, Ho Chi Minh City held a competition for planning and architectural ideas for the Binh Quoi – Thanh Da peninsula, aiming to transform it into a modern eco-urban area that plays a crucial role in the city’s green, digital, and circular economy development.

In Hai Duong Province, Ngoc Island is also being developed as an eco-tourism urban area. The project was approved by the Provincial People’s Committee, and the Nam Cuong Corporation was appointed as the investor in 2007. However, due to various difficulties and obstacles, the project had to undergo planning adjustments to align with reality, and the investor had to request extensions multiple times. In July 2022, the Nam Cuong Corporation held a groundbreaking ceremony for the Ngoc Island Eco-Tourism Urban Area project.

The planned area of Ngoc Island covers over 50 hectares, with the remaining area comprising water surfaces and riverbanks. The development is designed with a focus on eco-culture, sustainability, and harmony with the surrounding architectural landscape.

In addition to the aforementioned projects, in late May, the People’s Committee of Quang Ngai Province approved the investment policy for the new An Phu Urban Area project (Ngoc Island) in Quang Ngai City, with a total investment of over VND 9,700 billion.

Spanning nearly 162 hectares and surrounded by the Tra Khuc River, the project is located in Tinh An commune, Truong Quang Trong ward, and Nghia Chanh ward (Quang Ngai city). The urban area will comprise 297 terraced houses, a 15-story apartment building (nearly 2,000 units in raw form), over 1,500 social houses, more than 1,250 adjacent lots, and nearly 600 villas. To implement this project, Quang Ngai Province will organize a bidding process to select an investor.