Daewoo Engineering & Construction sells part of its land in ‘Gangnam of Hanoi’

 【Hanoi, Vietnam—Correspondent Kim Jun-seok】Daewoo Engineering & Construction has transferred part of the land within its Starlake Hanoi development project in Hanoi, Vietnam, to a major local real estate and construction company.
According to local media on the 9th, Vietnamese real estate conglomerate Sunshine Group said its subsidiary Xuan La Investment and Construction had received formal approval from the Hanoi People’s Committee to transfer part of a site in the West Lake West New Urban Center project. The project is called Starlake, and the company transferring the land is THT Development, a Daewoo Engineering & Construction affiliate and the project developer. However, Hanoi’s approval of the transfer does not mean that all administrative procedures required for the transaction have been completed or that construction can begin immediately.
The land being transferred is the K1-HH2 site in Starlake Hanoi, covering 11,483 square meters. It is designated for mixed use, combining public services, commercial facilities and high-end housing.
According to a transaction plan disclosed earlier, the total transaction value is estimated at approximately VND 2.277 trillion (about KRW 120.9 billion). This comprises approximately VND 1.566 trillion (about KRW 83.1 billion) in land-use fees and approximately VND 711 billion (about KRW 37.7 billion) for the transfer of project rights.
According to Daewoo Engineering & Construction’s Vietnam subsidiary, Starlake Hanoi is a large-scale urban development project covering 186.3 hectares and designed to accommodate 24,300 people. It is being developed as a multifunctional city combining residential areas with government offices, hotels, and educational, commercial and entertainment facilities. In particular, its proximity to West Lake and its location along a key transport corridor connecting to Noi Bai International Airport have earned it the nickname ‘Gangnam of Hanoi,’ and it has drawn attention as a new economic, administrative and diplomatic center.
In addition to developing the project directly, Daewoo Engineering & Construction is accelerating development by transferring major sites within the new town to reputable secondary investors and gradually expanding the area’s diverse functions.

[email protected] Kim Jun-seok Reporter