This is the first project to be deployed under the multi-objective urban model, featuring novel elements in planning, management, and housing transaction policies.

According to the decision signed by Hanoi Mayor Vu Dai Thang, the multi-objective urban area consists of two subdivisions, A and B, located within the administrative boundaries of Thu Lam and Dong Anh communes near the Hanoi - Thai Nguyen highway.

The urban area is developed under a multi-functional model with diverse housing types, including low-rise housing and mixed-use apartments integrated with commercial and services activities.

Alongside this is social infrastructure, including schools, medical facilities, cultural centers, sports complexes, parks, and public parking lots. Public facilities are arranged within a radius of about 500m, allowing convenient access for residents.

The highlight of the project is a continuous system of green spaces and regulating lakes, creating an ecological landscape space for the entire southwestern area of Thu Lam commune and the eastern area of Dong Anh commune.

High-rise building complexes are positioned along urban-level traffic axes, such as Ring Road 3, the Hanoi - Thai Nguyen highway, the route connecting to Dong Anh Industrial Park, and the gateways into the urban area.

In addition, major traffic axes, central areas, or public spaces will be planned with commercial walking streets, cultural services, entertainment, and a network of convenience stores to develop the night-time economy.

The planning requires smart urban solutions, such as AI camera systems for traffic surveillance, smart LED lighting, electric vehicle charging stations, public bicycles, and an internal bus network. High-rise buildings and mixed-use apartments must allocate basements to meet the parking needs of residents.

The challenge of implementation 

Hanoi People's Committee has approved the scheme for the Multi-Objective Urban Area with unprecedented mechanisms. The most notable regulation states that buyers or hire-purchasers of commercial housing within the multi-objective urban area will not be permitted to transfer their property within 3 years from the date of final payment completion.

If there is a need to transfer before this timeline, the buyer can only sell the property back to the developer at the original purchase price.

Lawyer Pham Thanh Tuan from the Hanoi Bar Association, a real estate legal expert, assessed that this is an entirely new urban model in Vietnam, implemented under the specific capital mechanism based on Resolution 258/2025/QH15 and the amended Law on the Capital.

The biggest difference in this model is that it does not merely develop market-rate housing but integrates social housing, resettlement housing, services, employment, technical infrastructure, and green spaces within the same urban area.

"The scheme shows that the city wants to be more proactive in regulating the real estate market, controlling profits even for commercial (non social housing) housing, while increasing supply and reducing population pressure on the inner-city area," Tuan observed.

The expert noted that the development orientation linked to TOD (Transit-Oriented Development), smart cities, and the population dispersion strategy out of the central area is a direction that aligns with the long-term development needs of Hanoi.

"This can be viewed as one of Hanoi's most strategic urban schemes in recent years," the expert said.

However, lawyer Pham Thanh Tuan stated that the biggest challenge remains in the actual implementation process. To succeed, multi-objective urban areas require traffic infrastructure to lead the way, massive investment capital, effective site clearance, and transparent management.

In addition, capping profit margins at around 10-15 percent depending on the housing product type might not be sufficiently attractive for large-scale projects that require long investment periods and long-term capital sources.

Meanwhile, enterprises still face pressure from site clearance, complex legal procedures, and unpredictable fluctuations in the real estate market. Concurrently, the city's management mechanism regarding selling prices, product structures, and project operations is also much stricter compared to conventional commercial projects.

According to Tuan, this model will be more suitable for state-owned enterprises or large real estate corporations that possess strong financial capabilities and long-term investment strategies.

Regarding the 3-year restriction on transferring commercial market-rate housing, Tuan stated that this regulation only applies to commercial housing within the multi-objective urban area to control speculation and limit unreasonable price increases in the market.

Hong Khanh