The Management Board of the former Thuy Nguyen City recently approved adjustments to the 1/500 master plan for a new urban area in Hoa Dong ward, developed by Dragon Real Estate Development JSC. These adjustments aim to address any obstacles and inconsistencies that may have arisen during the project’s implementation.
Spanning over 26 hectares, with an expected population of 2,944, the project is strategically located adjacent to Hon Ngoc canal, residential areas, and agricultural land in Hoa Dong ward.
Project location. (Source: Investor)
Following the adjustments, the project reduces the area of adjacent land-attached housing from 5.8 hectares to 3.9 hectares, decreasing the number of lots from 666 to 368. Additionally, 2,866 square meters of land designated for land-attached housing with gardens (15 lots) has been removed. A new allocation of 2.2 hectares for villas has been introduced, featuring 116 lots. Simultaneously, the area for green spaces, sports, and water bodies has been increased from 3.6 hectares to 5.6 hectares, while the area for transportation has been reduced from 12.7 hectares to 10.7 hectares.
The new urban area in Hoa Dong ward was initially a 26-hectare auction site, part of the 1/500 detailed planning for the Hoang Huy Green River New Urban Area, developed through a combination of BT (build-transfer) and auction-based land funds.
On December 5, 2023, the People’s Committee of Hai Phong City officially recognized Dragon Real Estate Development JSC as the winner of the auction for the usage rights of this land parcel. With a total auction value of VND 1,205 billion, this marked the beginning of a large-scale urban project in the heart of Hoa Dong ward, Thuy Nguyen City.
The project encompasses 276 commercial and adjacent land-attached housing lots (with a maximum height of 5 floors), 92 adjacent land-attached housing lots, 116 villa lots, and a social housing apartment building with 252 units. Additionally, there will be commercial facilities with a maximum height of 5 floors and an 80% construction density.
The developer anticipates completing the legal procedures and preparing for construction in the third quarter of 2025, with construction taking place from the fourth quarter of 2025 to the fourth quarter of 2030. The project is expected to be operational by the first quarter of 2031, with a total investment of VND 2,845 billion.
Regarding Dragon Real Estate Development JSC, the company was established on November 25, 2023, in Ngo Quyen district, Hai Phong City, with an initial charter capital of VND 1,650 billion. Its largest shareholder is DOJI Land Real Estate Investment Company, holding a 66% stake. DOJI Land was founded to develop luxury real estate projects for the DOJI Group, a renowned gold and jewelry conglomerate, in major cities such as Hanoi and Hai Phong.
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