A Closer Look at the Abandoned Constrexim Complex Project on Prime Land in Hanoi

The Constrexim Complex project, located on prime land in Hanoi’s Cau Giay urban area, has remained abandoned for over a decade. This project, situated in the coveted A1-2 plot with three prime facades on Pham Hung, Xuan Thuy, and Tran Quoc Vuong streets, has left many people lamenting the wasted potential of this valuable site.

The Constrexim Complex is a high-end residential and commercial development consisting of 45 floors and 3 basement levels. It is developed by Constrexim Holdings, a subsidiary of Vietnam Investment Construction and Trading Corporation (Constrexim Holdings).

The project was granted an investment certificate by the Hanoi People’s Committee in July 2012, and in 2017, the Department of Planning and Architecture approved the overall site plan. The project covers an area of 292,439 square meters, with a construction area of 25,541 square meters and a density of 38%.

However, since the temporary closure of the nearby Dich Vong Hao agricultural market and the evening student market, the only action taken by the developer is to fence off the area and leave it abandoned. Currently, the entire project is covered in overgrown vegetation.

The project site has become a dumpsite for trash along Tran Quoc Vuong street.

Although there are signs prohibiting gatherings and trading, some areas have become a gathering place for street vendors selling fruits and other goods.

According to reports, Constrexim Holdings has already spent 486 billion VND on the unfinished project as of September 30, 2023.

Many people believe that leaving a project in such a prime location abandoned for decades is a waste of valuable land and has tarnished the capital city’s appearance.

For more information about finance and economics, visit Business Today.