The central city of Da Nang has proposed selling 10,000 apartments under State ownership to pay for new housing projects in 2020-30.

Deputy director of the city’s construction department, Nguyen Van Nam, said the proposal was discussed in a meeting between the city and the ministry of construction last week.

Nam stated that the city and the ministry agreed to submit the plans to the Government for approval.

He said the department was managing 10,000 apartments including old buildings and apartments for lease.

“We asked the ministry to review the legal framework for the sale of 10,000 apartments in the coming years. This would provide investment funds for developing new social housing projects,” Nam said.

“The city has been seeking funds to build more houses and apartments for low income residents and housing programmes in 2020-30. The city’s population is expected to increase to three million by 2030,” he said.

Da Nang plans to develop into a ‘green’ and ‘smart’ city by 2025, and an economic hub of the central and Central Highlands regions.

Last month, the city’s construction department listed 17 commercial housing projects that allow foreigners to own homes, including eight in Son Tra peninsula and six in the downtown Hai Chau District.

Hotel and resort projects have been booming in the city, offering 28,000 rooms for 15 million tourists.

Soleil Da Nang is the biggest apartment and hotel complex project in the city with a 58-storey five-star hotel and three 47-storey apartments, and will launch 1,000 luxury flats in 2020.

The city officially announced the highest price for land at coastal property projects in Ngu Hanh Son, Son Tra and Hai Chau districts worth VND98 million (US$4,300) per square metre last month.

In 2018, more than 8,000 condotel rooms were offered in the property market from 11 projects with an average price of US$1,890 per square metre. — VNS