Xavinco Joint Stock Company has paid over 9,000 billion VND in land use fees and more than 2,100 billion VND in land rental fees for the Cao Xa La urban area.
According to the report on budget revenue and expenditure estimates for the first six months of the year, the Hanoi People’s Committee stated that total budget revenue reached over 404,000 billion VND, equivalent to more than 62% of the estimate.
Of this, revenues from real estate (land use fees, land and water surface rentals, sales, and rentals of state-owned houses) reached nearly 62,800 billion VND, equivalent to 63% of the estimate. This level is only 72% compared to the same period last year due to lower revenues from projects and land auctions.
Many real estate projects contributed to the capital’s land revenue in the first half of the year. Among them, the urban functional area at 233, 233B, 235 Nguyen Trai (Cao Xa La area) contributed over 9,000 billion VND in land use fees and more than 2,100 billion VND in land and water surface rental fees. The project developer is a joint venture consisting of Xavinco Real Estate Joint Stock Company, Thang Long Real Estate Business Investment Joint Stock Company, and Xalivico Company Limited. Currently, Masterise Homes is the developer of this urban area under the commercial name Hanoi Seasons Garden.
In addition, the central area of the Tay Ho Tay urban area developed by THT Development Company Limited contributed over 9,450 billion VND in land use fees. It is followed by the Nam Thang Long urban area – Phase II of Nam Thang Long Urban Development Company Limited with nearly 9,150 billion VND.
The list also includes Duyen Ha Company Limited, which paid over 1,100 billion VND for the 5-star hotel construction investment project at 18 Cao Ba Quat Street, Ba Dinh District. This enterprise had won the auction for the land plot in February, but by the end of June, they submitted an application to cancel the auction results.
Real estate around Ring Road 3, Hanoi. Photo: Hoang Giang
Real estate around Ring Road 3, Hanoi. Photo: Hoang Giang
Nevertheless, Hanoi’s total revenue from land use fees in the first half of this year still decreased by more than 27% compared to the same period. The reason is that last year, the city recorded a series of large revenues from mega-projects such as Vingroup’s Green City Dan Phuong urban functional area (over 12,350 billion VND), Nam Thang Long new urban area (over 12,600 billion VND), or Sunshine Grand Capital urban area (over 4,600 billion VND)…
This year, Hanoi expects total revenue from land to be around 150,000 billion VND, an increase of nearly 40% compared to 2025. Last year, the Capital recorded land revenue of 107,900 billion VND, exceeding the estimate by nearly 125% and more than 2.6 times that of 2024. Revenue from land accounted for about 15% of total revenue.
Leave a Reply