Vietnamese property developer MIK Group has broken ground on The Harbor Skyline, a nearly 50-hectare high-rise residential development on Vu Yen island in Hai Phong, marking the debut of its I Series apartment brand in the northern port city.
The groundbreaking ceremony took place on Wednesday, and the developer has not disclosed further details on its total investment or construction schedule.
The launch also marks MIK Group's expansion into Hai Phong with its I Series, a premium apartment brand that has become a core part of the company's high-rise residential portfolio.
MIK Group develops two main apartment lines, M Series and I Series, targeting different market segments and housing needs. I Series includes projects such as Imperia Smart City, Imperia Signature Co Loa, Imperia Ocean City, Imperia Sky Park, and Imperia Sensa Park.
The line accounts for an estimated 70-80% of MIK Group's total high-rise apartment portfolio. The company has brought around 17,000 I Series apartments to market and plans to develop a further 200,000 units in the coming years.
A company representative described Hai Phong as the next step in MIK Group's expansion. The city, home to LG's Vietnam plant, is one of the region's major economic hubs, supported by industrial manufacturing, seaport operations and logistics.
Major developers intensify competition in Hai Phong
MIK Group's entry comes as Hai Phong's real estate market becomes increasingly crowded with large developers seeking to secure land and establish a presence across residential, commercial and resort segments.
Vingroup has established a substantial footprint through projects including the 877-hectare Vinhomes Royal Island on Vu Yen island, Vinhomes Duong Kinh, and the Happy Home Trang Cat social housing development.
Local developer Hoang Huy Group has built a strong position through projects such as Hoang Huy New City and Hoang Huy Green River in Thuy Nguyen.
DOJI Land entered the high-rise market with developments including Diamond Crown Hai Phong and Golden Crown Hai Phong, while Masterise Homes is targeting the premium apartment segment, particularly in Thuy Nguyen.
Other developers are expanding their presence through large-scale urban and resort developments. Van Phu Invest is developing the 30-hectare Vlasta Thuy Nguyen project, while Geleximco is behind the 480-hectare Dragon Ocean international tourism area in Do Son. BRG Group is developing the 350-hectare Ruby Coastal City resort township.
The growing presence of these developers reflects Hai Phong's appeal as an investment destination, supported by its industrial base, port infrastructure, and expanding urban economy.