The Hanoi People's Committee granted a licence to build a new urban area in Hai Ba Trung and Hoang Mai districts.

The project includes high-end apartments, restaurants, a trade centre, an entertainment area, offices for lease and an education area.

It has a total investment capital of 5.7 trillion VND (291.3 million USD), and will cover an area of 36.4ha. It is slated to break ground late this year and be put into operation in 2014./.