Japanese firm set to build smart city in Vietnam
USD4.2 billion project near Hanoi will boast IoT, artificial intelligence, and facial recognition systems
A next-generation “smart city” is poised to rise in Vietnam, thanks to a joint venture of local developers and a Japanese trading firm, NHK reports.
Sumitomo Corporation, along with Vietnamese developer BRG Group, will pour JPY450 billion (USD4.2 billion) into the project launched Sunday in Hanoi.
The 272-hectare site will give rise to at least 7,000 residential properties in the initial phase, followed by office buildings and commercial facilities in the second phase. Construction of the residential component, which will take up some 73 hectares, is scheduled to commence in 2020.
Set 20 minutes from Hanoi, the site will run on internet of things (IoT), 5G wireless networks, artificial intelligence, and facial-recognition security systems that use high-tech surveillance cameras.
More: New blood reinvigorates Vietnam’s biggest night for real estate
“City planning is an effort without a fixed goal,” Sumitomo President Masayuki Hyodo was quoted as saying by the Nikkei Asian Review. “We will create a city that suits Vietnam.”
Around 20,000 to 25,000 people are expected to live in the city’s high-rise apartments and condos, which will start selling from 2022.
Construction of other project components is expected to last through 2028.
While he hopes the project will help Vietnam develop, Masayuki hopes to bring similar projects to other high-growth areas outside the country.
Recommended
Why everyone is moving to Selangor and Johor: Malaysia’s real estate comeback
Malaysia’s upturn in fortunes is especially prevalent in secondary destinations such as Selangor and Johor
Penang’s silicon boom: How the US-China tech war is supercharging local real estate
Penang’s booming semiconductor industry has created ripples within the local real estate sector
New leader, new opportunities: How Hun Manet is shaking up Cambodia’s real estate game
Hun Manet is overseeing decent economic growth and widening access to the country’s real estate market for foreigners
Singapore embraces inclusive housing reforms amid resilient demand
The Lion City’s regulatory strength continues to exert appeal for international investors