At an estimated cost of US$1 billion, the 77.45 ha urban area will include 15 independent clusters which are designed to have much more green space than old-style urban areas.

Habibullah Khong Sow Kee, Director General of the Vietnam International Development Company (VIDC) - the developer of the project--said ParkCity Hanoi will house a central park, a lake, schools, clubs, and a sports centre to serve its future clients.

The first phase of ParkCity Hanoi entailing the construction of 1,233 villas, houses and luxury apartments is scheduled for completion in 2014.

The entire new urban area with 7,000 houses will be put into use in 2020.