Hanoi converts 2 hectares of agricultural land in Long Bien for housing project

More than 2 hectares of agricultural land in Bo De ward have been converted for a low-rise housing and apartment complex project with an investment scale of 2,300 billion VND.

In a decision on July 6, the Hanoi People’s Committee permitted the Hanoi Housing Investment and Development Joint Stock Company to convert the land use purpose of more than 2 hectares of land in Bo De ward (formerly in Long Bien district). This is agricultural land for which the transfer of land use rights has been completed. The company was also allocated an additional 0.4 hectares of land managed by the Bo De Ward People’s Committee.

The total allocated land area is over 2.4 hectares, planned for a housing area in plot A4/NO2. Of this, over 1.7 hectares of land will be used to build low-rise houses and apartments, subject to land use fees. For more than 750 square meters of land for technical operation and service buildings, the investor will pay a one-time land rent for the entire lease term.

The remaining 0.6 hectares of land for greenery and internal roads are exempt from land use fees. After completing the technical infrastructure, the investor will hand it over to the local authority for management.

The Department of Natural Resources and Environment is assigned to determine the specific land price to calculate land use fees, rent, and financial obligations for social housing at the project. After that, the Department will determine the boundaries and hand over the land on-site to the enterprise.

Previously, in April 2025, the housing area in Bo De ward was included in the list of land areas approved for the pilot expansion of land types for commercial housing under the National Assembly’s Resolution 171. Late last year, the project’s investment policy was approved with a total area of nearly 2.5 hectares and an expected capital scale of nearly 2,300 billion VND. The implementation schedule is from the fourth quarter of 2025 to the third quarter of 2028.

Recently, the supply of commercial housing in Hanoi has been continuously supplemented, while prices remain high. According to real estate services firm CBRE, in the first six months of the year, the city recorded 16,600 apartments and 2,100 landed properties launched for sale. This year, the supply in these two segments is expected to reach a total of 45,000 units.