Real Estate

What’s So Special About This Delayed Urban Area From 2008 That Real Estate Tycoon Le Thanh Than Wants to Revive?

"During a meeting with the Muong Thanh Group, the leaders of Tam Hung Commune expressed their willingness to facilitate the company's efforts in developing the My Hung Urban Area project. They assured the group of their full support and commitment to creating favorable conditions for the project's swift implementation and operation."

Administrator

29 August, 2025

“Tycoon Lê Thanh Thản Makes a Comeback”

In recent times, Mr. Le Thanh Thán has made a surprising comeback after many years. Specifically, on the afternoon of August 20, 2025, the leaders of Tam Hung, Hanoi, had a working session with the Muong Thanh Group to hear reports on the situation and progress of urban projects in the area.

Tam Hung commune was newly established on July 1, 2025, by merging the entire natural area and population of My Hung, Tam Hung, Thanh Thuy, and Thanh Van communes in Thanh Oai district.

The Muong Thanh Group, owned by Mr. Le Thanh Thản, often referred to as the “Tycoon Le Thanh Thản,” is one of the largest corporations operating in the hospitality and real estate industries. The group boasts a network of hotels spanning from the north to the south of the country and numerous large-scale urban projects.

At the working session, the leaders of Tam Hung commune requested that the Muong Thanh Group expedite the progress of their projects, especially the My Hung urban area, which was initiated in 2008 but has faced delays. The locality is ready to create favorable conditions for the enterprise to implement and soon operate the project.

Representing the Muong Thanh Group, Mr. Le Thanh Thản appreciated the attention and support of Tam Hung commune and committed that the group would concentrate its resources, overcome difficulties, and accelerate the progress of the projects.

Mr. Le Thanh Thản affirmed that Muong Thanh Group aims to accompany the local government and people in constructing civilized and modern urban areas, contributing to the socio-economic development of the region.

The working session has provided a clear direction and demonstrated the spirit of companionship and determination between the government and the enterprise. With the joint efforts and commitments from both sides, the urban projects in Tam Hung are expected to be strongly promoted, marking a breakthrough in the process of building the commune into a civilized and modern urban area.

What’s Special About the Urban Area Project Started in 2008?

It is known that in 2008, the former Ha Tay province (now Hanoi) signed a Build-Transfer (BT) contract with the Transportation Construction Corporation 5 (Cienco 5) and Cienco 5 Land to implement the southern axis road project of Ha Tay province.

According to the BT contract, the investor (Cienco 5 and Cienco 5 Land) arranged their own capital to construct and complete the 41-kilometer southern axis road.

To recoup the investment in the southern axis road project, the People’s Committee of Ha Tay province (now Hanoi) allowed the investor to implement three real estate projects, including the Thanh Ha A – Cienco 5, Thanh Ha B – Cienco 5, and My Hung – Cienco 5 urban area projects.

In 2016, the Muong Thanh Group, led by “Tycoon” Le Thanh Thản, acquired 95% of the shares of Cienco 5 Land, a subsidiary of Cienco 5.

The My Hung Urban Area is being developed on an area of 182 hectares belonging to the former communes of Cu Khe, My Hung, Tam Hung, and Binh Minh in Thanh Oai district. Due to financial constraints and difficulties during the real estate freeze, the project faced delays for many years.

The My Hung Urban Area is adjacent to the Thanh Ha A and B urban areas and enjoys the advantage of convenient connectivity as it adjoins the southern axis road and the Ring Road 4.

Recently, in February 2025, the Hanoi People’s Committee approved the adjustment of the investment policy for the new My Hung Urban Area project. Accordingly, the implementation period of the My Hung new urban area project was adjusted to the end of October 2028, providing a basis for Cienco 5 and Cienco 5 Land to complete the procedures for adjusting the 1/500 detailed planning and site clearance for the project.