Hanoi authorities have granted approval for more than 1,200 apartments in two prominent residential projects, Lumi Hanoi and Heritage West Lake, to be sold to foreign buyers.

 

This decision is part of the city's continued efforts to attract international investment in its real estate market.

 

The Department of Construction is allowing 1,181 apartments in nine residential towers developed by Ánh Sao Trading and Business Development Co., Ltd. and CapitaLand. These apartments are part of the Lumi Hanoi project, located within the Vinhomes Smart City complex in Tây Mỗ, Nam Từ Liêm District. Lumi Hanoi features a total of 3,950 apartments, with nearly 30 per cent of them now eligible for sale to foreign nationals.

 

An additional 51 apartments have been approved for sale to foreign buyers are from the Heritage West Lake project in Tây Hồ District, popular with foreigners. Developed by Singapore-based CapitaLand, this mixed-use complex offers a limited number of units to foreign purchasers, comprising 29.5 per cent of the total apartments in the building.

 

This follows a similar approval in October, when five residential projects in Hanoi were also opened for sale to foreign buyers. Among them were three buildings in the Imperia Smart City development in Vinhomes Smart City, including towers Z38M.1, Z38.1, and U39.1 in land plots F2-F4-CH04. Two other towers, Z38M.1 and Z38.1 in land plots F2-F4-CH05, were also greenlit. These projects are spearheaded by HBI Joint Stock Company.

 

Additionally, the Masteri West Heights project, located in Vinhomes Smart City and developed by SV Tây Hà Nội Real Estate Development Joint Stock Company, includes towers U35.1, U35.2, and U35.3 in land plot F2-CH01, which are now eligible for foreign ownership. The Matrix One, a development by Mai Linh Investment Corporation, has also received approval for Tower HH2-1A to be sold to foreign buyers.

 

In Thanh Xuân District, the Viha Complex, a mixed-use housing project at 107 Nguyễn Tuân, jointly developed by Xuân Lộc Thọ Co., Ltd. and Thống Nhất Printing and Trading Joint Stock Company, has similarly been approved for foreign ownership.

 

According to data from the Ministry of Construction, between 2015 and the third quarter of 2023, over 3,000 foreigners bought homes in Vietnam, with more than 50 per cent of these properties located in Hanoi (approximately 1,765 units). The majority of foreign buyers hail from China, South Korea, Singapore, the United States, Australia, Japan and Malaysia. In the first half of this year alone, over 1,000 apartments in Hanoi were sold to foreign nationals. — VNS

 

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