Foreign Property News | Posted by Zarni Kyaw
A next-generation “smart city” is poised to rise in Vietnam, thanks to a joint venture of local developers and a Japanese trading firm, NHK reports.
Sumitomo Corporation, along with Vietnamese developer BRG Group, will pour JPY450 billion (USD4.2 billion) into the project launched Sunday in Hanoi.
The 272-hectare site will give rise to at least 7,000 residential properties in the initial phase, followed by office buildings and commercial facilities in the second phase. Construction of the residential component, which will take up some 73 hectares, is scheduled to commence in 2020.
Set 20 minutes from Hanoi, the site will run on internet of things (IoT), 5G wireless networks, artificial intelligence, and facial-recognition security systems that use high-tech surveillance cameras.
“City planning is an effort without a fixed goal,” Sumitomo President Masayuki Hyodo was quoted as saying by the Nikkei Asian Review. “We will create a city that suits Vietnam.”
Around 20,000 to 25,000 people are expected to live in the city’s high-rise apartments and condos, which will start selling from 2022.
Construction of other project components is expected to last through 2028.
While he hopes the project will help Vietnam develop, Masayuki hopes to bring similar projects to other high-growth areas outside the country.
Ref: Propertyreport
