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
6 of the exciting areas to visit in Lipa, Batangas (PH)
With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star
Ok, boomers, Gen X’ers: Where are they now in their property journeys?
Ageing societies in Southeast Asia mean that catering to the requirements of mature investors will be a key challenge for developers
Residential renaissance: Branded residences shine bright amidst pandemic property plight
Branded residences saw an upsurge in interest during the pandemic with investors lured by access to luxury hotel amenities and services
Conversational AI, the brains behind intelligent virtual assistants
Nick Myers, CEO of RedFox AI, and Tina Ryan, podcast and events host, chat about chatbots and conversational AI, an ethical innovation for the people