Despite the sluggish property market, the Korean-backed Tay Ho Tay Township project is planning to kick-off construction in Hanoi this week.

On this occasion, the developer T.H.T Development Company will also announce the new brand name for the project - Starlake. According to the developer, with the agreement from the Hanoi People’s Committee, the project is ready to commence construction following thorough preparations and reviews by the relevant bodies.

This is an important milestone of this project because it begins construction of the first facilities and reconfirms the financial ability and commitment from the foreign investor.

The start of this project also shows that strategic investors who have long-term investment plan remain convinced of the potential of Vietnamese real estate market, despite current difficulties and downturn.

This is also an event that is part of a series of economic and social activities to celebrate 20 years of diplomatic relations between Vietnam and South Korea, which is highly appreciated by both governments.

The Tay Ho Tay Township is envisioned as a new cultural hub with international commercial and financial centres that promote trade and the building of cultural networks. The project is  in step with Hanoi’s master planning to 2030 with a vision towards 2050, as ratified by the prime minister in 2011.

The project is expected to become more important as a variety of Vietnamese ministries will be relocated from the city’s centre to the township.

According to the project’s  design, its centre will have an open space backbone closed with the water space of the West Lake which will improve the living standard for its residents.

The official brand name of the project, Starlake is intended to reflect its distinctive features.  Star  represents the expectations for the evolving urban area, and Lake represents West Lake and a vision of environmental harmony and friendly living standards.  

Thus, Starlake is envisioned as a shining star sparkling in Hanoi’s sky and the Westlake District, representing a modern and high-end urban development area.

The main colour of branding of the  Starlake is orange, a colour that blends the gold star in  Vietnam’s national flag with the dark red background and the tones of the sunset of the West Lake. The colour conveys a feeling of warmth and prosperity.

This project, when finished, will create  modern and developed urban development area in Hanoi, which offer complete social infrastructure facilities and modern architect constructions, nice landscape and friendly environment.

The project is also expected to become an economic and administrative centre of the country with extensive connections throughout the Southeast Asian region.

According to its design, a remarkable proportion of the 207 hectare project will be reserved for transport system, parks, trees, lakes and space for public events.

With the completed infrastructure system which can cover future demands of transport, communications and urban management, the Tay Ho Tay project is expected to push forward technologies to enhance  urban development in Vietnam, through the latest design and construction techniques from Korea and other global leaders.

In the picture of current real estate market downturn, the groundbreaking ceremony of Tay Ho Tay will be an active and outstanding milestone to create an active movement for the market.

It also attracts more Korean investors to Hanoi in general and this project in particular.

Located in Hanoi’s Tay Ho, Cau Giay and Tu Liem districts, the township will be completed in 2019 with total investment capital of more than $2.5 billion.

By Bich Ngoc