Formula 1 racing (F1) is expected to take place next year in Hanoi and probably not coincidentally, My Dinh was chosen as the venue for the race. Over nearly two decades of renovation, My Dinh has changed strongly, becoming the new “development center” of the capital in the context of urban planning of Hanoi witnessing many changes.
Micro city of the Capital
It used to be a former commune of Tu Liem and My Dinh districts, but now it is the place with the fastest urbanization rate in the country. Not surprisingly, more and more people mentioned My Dinh as a new administrative, commercial and entertainment center of Hanoi. It has full conditions and functions to become a microcity of the Capital. My Dinh is not overloaded like the central districts, not sparse like the gateway areas. The infrastructure in the west of Hanoi is fully, synchronously and methodically developed from transportation and services to utilities.
Transport infrastructure is the leading advantage of My Dinh area. Thanks to the system of roads that are invested, expanded, upgraded, and continuously improved with the small-planned network of small roads such as chess tables, the movement, and connection to this area becomes extremely convenient.
In addition to the arterial traffic routes Ring road 3, Highway 32, Le Duc Tho, Me Tri, Tran Huu Duc, Nguyen Co Thach, etc., My Dinh also has BRT and Nhon – Hanoi station metro railway. Therefore, although it is the area connecting key roads of the city, the traffic in My Dinh is relatively convenient, especially the roads Le Duc Tho, Ham Nghi, Tran Huu Duc, etc. There is almost no congestion. In addition to connecting traffic, social infrastructure has developed synchronously with high quality and diverse service-utility system, which is the second factor to help My Dinh become a new trade-service and science-education of Hanoi. There are many hotels, commercial centers such as The Garden, public health facilities such as 198 Hospital, Vinmec International Hospital, Hong Ngoc General Hospital; High-qualified school system and international schools such as Winston international preschool, Vietnam-Australia international school, American School education system, Marie Curie school, Hanoi Amsterdam, Vietnam-Japan University, Vietnam National University, University of Education, University of Commerce, etc., which make My Dinh area more attractive.
In addition, My Dinh is emerging as the new vibrant cultural-entertainment center of the Capital. With My Dinh Stadium, Water Sports Palace, National Convention Center, and many 5-star hotels in the area such as JW Marriott Hanoi, InterContinental Hanoi Landmark, Crowne Plaza West Hanoi, etc. My Dinh regularly selected as the venue for many major cultural, sports and entertainment events such as AFF Cup, SEA Games, F1 racing and national music festivals. Although fully meeting the criteria of social infrastructure and technical infrastructure of the most modern urban area in the country, the interesting point is that the population density of My Dinh area is only 7,217 people / sq.km, which is only half the density of urban districts such as Dong Da, Hoan Kiem, Hai Ba Trung with the density of 40,331 people / sq.km, 29,470 people /sq.km and 28,981 people / sq.km (2017 report of Center for promotion, investment, trade and tourism, Hanoi City People’s Committee). Therefore, residents living around this area also enjoy the fresh living environment from a lot of public spaces, green trees, regulating lakes … Through big roads like Nguyen Co Thach, Le Duc Tho – Le Quang Dao, My Dinh district are interspersed small roads, sparse with cars and green trees.
(Formula 1 racing (F1) is expected to take place next year in Hanoi)
“It is very proud and surprising to see the development of My Dinh, the urban form of Hanoi has also been replaced by new clothes, different from my coming back 15 years ago. It is not exaggerating to compare the modern, big urban areas like Phu My Hung in Ho Chi Minh City. HCM with other developed countries in the region such as Singapore or Korea. In the near future, we have absolutely a basis to believe that My Dinh will also become a modern and dynamic urban area like Phu My Hung,” said Tran Lam, an Australian-Vietnamese when he comes back to Vietnam, looking for safe investment opportunities.
The wave shifted out of the center of the upper-middle class
With all the above advantages and the orientation to expand to the west according to the plan to 2030, with the vision of 2050, Hanoi is witnessing the wave of the shift from the center to My Dinh area, especially the middle-upper class, forming a modern, dynamic and civilized resident community.
Ms. Tran T. Mai, 35 years old, is currently HR Manager at foreign corporation shares: “My family has just moved to live in a high-class apartment building in My Dinh for nearly 1 year and I am satisfied with this decision. In my opinion, it’s time for people to redefine the central concept. The areas that are used to be considered as the center of Hanoi are probably just the center for tourists.
As for Hanoi citizen like us, we define the center according to other standards. The center for us is a place that can be conveniently connected to places to go to school, work, surrounded by basic utilities.
My Dinh is like a miniature civilized city. Around us there are parks, supermarkets, international hospitals. My daughter is studying in Hanoi Amsterdam high-school; it only takes 10′ to go to school”.
In the past few years, with the “South march” policy of multinational corporations in Northeast Asia, My Dinh has also received a new group of residents, a wave of foreign businessmen and expats coming from Japan, Korea, Taiwan.
Mr. Nguyen Kien, a longtime real estate broker, said: “In the last 2 years, high-class apartments in this area have been more and more interested by investors more and more due to ensuring stability in price and profit growth from leasing to foreigners. The first 6 months of 2018 report on CBRE’s Hanoi real estate market also indicated that the western area of Hanoi has the highest profitability rate for apartments for rent at 5.7% / year.
The entry of big corporations
“Witnessing the changes of My Dinh help understand the awakening and growth of this region and its impacts on the overall socio-economic development of Hanoi. The convergence of civilized and elite residents will form a booming urban area.”
In addition, the planning, architecture, urban infrastructure investment, the advantages of location, future economic development vision and friendly connection … all the above factors are creating a spread for My Dinh area, opening up many opportunities, bringing great benefits that Hanoi people are the main beneficiaries” said Michael Piro, CEO of Indochina Capital.
My Dinh’s development potential demand have triggered a series of real estate projects in motion. Many big corporations in real estate industry have been and are going to quickly come here, such as: Vingroup, FLC, Hai Phat Group….
Thanks to the financial scale and the experience of developing many high-class urban areas of these mega corps, planning My Dinh area is developed in harmony with the overall vision and long-term. The projects that have been supplemented and built together give My Dinh the appearance of a modeled city, in accordance with the lifestyle of a successful, modern and civilized resident community.
However, it can be observed that the investors of mid-high end projects in this area such as Roman plaza, Florence, FLC Green Apartment do not deploy with too much publicity.
(The regional real estate market is developing very strongly)
Explaining this phenomenon, Mr. Kien Nguyen said: “The absorption of projects in My Dinh is very good. The majority of professional investors and buyers who want to live have paid attention and sought information right away from the project. Therefore, developers in this area usually do not spend too many resources on marketing.
The wave of investment is flowing here, promising to create a new development period for the real estate market of “miniature city” My Dinh. This movement shows that the market is entering the first phase of the growth cycle.
With a clear potential for the price increase and in the near future, investors will reap great profit