Hanoi family set to receive $15.2mn compensation for downtown square project

The family owns more than 400 square meters of land with two property titles on Dinh Tien Hoang Street, one of the city's most sought-after areas.

"The family has agreed to the compensation package and is completing inheritance procedures," a local official told Tuoi Tre.

"The payment will be finalized in about 10 days."

Earlier this week, the People's Committee of Hoan Kiem Ward began disbursing compensation and resettlement support to residents affected by the square and park project. 

The plan involves 47 property owners, including 12 organizations and 35 households. 

To date, authorities have approved compensation and resettlement arrangements for 25 households.

A resident living on Alley 61 down Dinh Tien Hoang Street said their 50-square-meter property was included in the land acquisition and that they would receive more than VND17 billion ($646,241) in compensation.

The square and park project, covering roughly 2.14 hectares, is being designed under a transit-oriented development (TOD) model, authorities said. 

The site is bordered by Hoan Kiem Lake and Dinh Tien Hoang Street to the west, existing residential areas to the north, Ly Thai To Street to the east, and Tran Nguyen Han Street to the south.

The development will include green spaces and community areas for cultural events and exhibitions, aiming to enhance urban livability.

The project is divided into two phases. 

Phase one will focus on compensation, resettlement, and construction on 21,151 square meters.

Plans include landscaping, parking, lighting, water and drainage systems, Wi-Fi, and security cameras. 

Certain historic buildings, including the Hanoi Department of Culture and Sports, the Institute of Literature, and the Art Deco headquarters of the Hoan Kiem Power Company, will be preserved or studied for conservation.

Phase two will develop three underground levels, connecting directly to C9 metro station on Line 2 (Nam Thang Long – Tran Hung Dao) while safeguarding architecturally significant structures. 

Authorities said further studies and expert consultations will guide the second phase to ensure compliance with Hanoi's urban development plan.