At a Tuesday meeting with Hanoi’s Chairman Vu Dai Thang, Arthur King, chairman of CT&D, expressed interest in renovating the Thanh Xuan Bac apartment complex (Thanh Xuan ward), a shabby residential area built more than 40 years ago.

CT&D is not new to Vietnam’s property sector. The group has been involved in landmark developments such as Tan Thuan Export Processing Zone and Phu My Hung Urban Area in Ho Chi Minh City. Its move into Hanoi would mark a strategic geographic expansion into northern Vietnam, where redevelopment demand is rising.

Welcoming proposals by the Taiwanese developer, Hanoi's mayor said that the project aligns with the capital’s long-term urban planning strategy, which emphasizes modernizing existing residential areas while improving living standards. The city is also leveraging new legal frameworks to attract foreign investment into urban redevelopment projects.

The local government is committed to facilitating investment procedures and strengthening coordination between municipal agencies and foreign partners to accelerate project implementation, Thang stressed.

According to Hanoi’s official redevelopment list released in March, Thanh Xuan Bac comprises 60 five-story apartment blocks built between 1978 and 1987 along Khuat Duy Tien street. More than half of the buildings have already undergone structural assessment, with nine suffering structural damage and 30 facing deterioration.

The site has long attracted developer interest. Previously, Vietnam’s leading contractor Vinaconex proposed demolishing and rebuilding the area into a series of 26-story residential towers across more than 30 hectares, with a timeline spanning 2004 to 2011. The plan ultimately stalled after social impact assessments and resident consultations failed to produce sufficient consensus.

Hanoi currently has 11 old apartment renovation projects under implementation and three already completed. Authorities aim to rebuild at least 20,000 units deemed unfit for habitation by 2030. Over the following five years, the city plans to complete the renovation and urban restructuring of all 2,160 aging apartment blocks.