Hanoi City People’s Council approved a Resolution endorsing the investment framework and developer selection for the comprehensive renovation, reconstruction and spatial restructuring of the area surrounding Hoan Kiem Lake. Capital Sun Real Estate Joint Stock Company, a member of Sun Group, has been chosen to lead two key component projects within the scheme.
The initiative spans a planning research area of roughly 66.82 hectares and a direct land use scale of 30.82 hectares across Hoan Kiem and Cua Nam wards. Total investment for the overall development is estimated at VND 22,229 billion.
Work will be split into three distinct elements. Land clearance forms an independent section funded directly through public investment, managed by the Hoan Kiem Ward People’s Committee. Capital Sun Real Estate Joint Stock Company will execute the remaining two components: constructing an underground commercial centre in the park and square area to the east and north of the lake, alongside upgrading local facilities and landscape under a Build-Transfer (BT) Public-Private Partnership (PPP) model.
The scheme aligns with the revised 1/2000 scale plan for urban sub-area H1-1B and part of H1-1C, created by architect Ho Thieu Tri. Public consultations held between 7 and 26 September 2026 yielded a 92% approval rate alongside consensus from cultural and historical experts.
Project goals include establishing a large civic plaza linking Hoan Kiem Lake to August Revolution Square, the Grand Theatre and the National Historical Museum. The development will reorganise local transport, expand public areas and integrate underground spaces while maintaining historical heritage.
During implementation, specific building projects will undergo architectural competitions and further public reviews to balance utility with heritage preservation.
The project supports goals set in the 2026 Capital City Law and Politburo Resolution No. 02-NQ/TW dated 17 March 2026, aimed at developing Hanoi into a modern and culturally rich capital. The long-term Hanoi Capital City Master Plan with a 100-year vision also prioritises restructuring historical inner-city areas while integrating public transport links.
