Sunshine Group (KSF) Joins VND 100,000B Bac Thang Long Urban City Consortium

Overview

Hanoi authorities have approved the investment policy and 1/500 detailed plan for the Bac Thang Long Urban City multi-purpose project, with a consortium including Sunshine Group (KSF, HNX) among the named investors. The roughly 465-hectare project carries total investment of nearly VND 100,000 billion (about USD 4 billion) and is designed to house close to 97,500 residents.

Key Facts

• Hanoi People’s Committee issued Decision No. 5988/QD-UBND approving the 1/500 detailed plan and Decision No. 6009/QD-UBND approving the investment policy, both dated 30 October 2026.
• The project site covers Thien Loc and Phuc Thinh communes, with a scale of about 465 hectares.
• Total investment is estimated at nearly VND 100,000 billion, equivalent to roughly USD 4 billion.
• The investor consortium comprises Hanoi Housing Development and Investment Corporation, Sunshine Group JSC (KSF), Big Gain Investment Co. Ltd., Thai Nam Land JSC and Potamos Real Estate JSC.
• The project is planned to accommodate nearly 97,500 residents.
• The commercial name cited is Handico Sunshine New Hanoi.
• Sunshine Group has previously marketed apartments at Sunshine Legend City at around VND 50 million per sqm, roughly 25% below surrounding comparable projects at launch.

What Happened

According to the Hanoi People’s Committee decisions cited in the report, the city approved both the detailed 1/500 zoning plan and the investment policy for the Bac Thang Long Urban City project on 30 October 2026. The development, marketed as Handico Sunshine New Hanoi, spans Thien Loc and Phuc Thinh communes and is positioned as a multi-purpose urban area intended to anchor a new urban space in northern Hanoi. The consortium brings together the Hanoi Housing Development and Investment Corporation alongside Sunshine Group and three private partners: Big Gain Investment, Thai Nam Land and Potamos Real Estate.

The report states that land clearance, compensation and site recovery work in the two communes is being accelerated with what it describes as strong local consensus. It also notes this is the first time Sunshine Group has participated in a multi-purpose project of this scale in the capital. The article does not disclose the consortium’s ownership split, KSF’s individual capital contribution, the phased development schedule, or expected sales pricing for the project.

Market Context

KSF trades on the HNX and closed at VND 69,300 on 2 November 2026, the session following the approval decisions. The stock sits within Vietnam’s listed real estate sector, where large Hanoi master-plan approvals have become a key re-rating catalyst for developers with land bank exposure in the capital’s northern corridor. Sunshine Group’s recent positioning has centered on mid-priced, high-volume housing rather than premium product, a strategy it has said prioritizes absorption over maximum margin.

Strategic Significance

The approval moves KSF from a residential unit seller into a consortium participant on one of Hanoi’s largest multi-purpose urban footprints, which changes the duration and scale of its revenue visibility. Because the consortium includes the city’s own housing development corporation, the structure may reduce execution and land-clearance risk relative to a solo bid, though it also means KSF shares economics with four partners. The project also tests whether Sunshine’s stated low-price, high-quality model can be applied at a 465-hectare, 97,500-resident scale, where infrastructure and phased handover costs are far larger than on its prior apartment launches.

What to Watch

• Disclosure of the consortium’s ownership percentages and KSF’s specific capital contribution.
• A formal groundbreaking date or first-phase construction schedule for Thien Loc and Phuc Thinh.
• Land clearance completion milestones in the two communes.
• KSF’s next annual or extraordinary general meeting resolutions on funding for the project.
• Any HNX filing on related-party transactions with the other consortium members.