Bamboo Garden social houses locates in the rural west of Ha Noi — VNS Photo

HA NOI (Biz Hub) – The Ha Noi People's Committee has approved the CEO Group's project for constructing social houses in the Quoc Oai suburb, located west of Ha Noi, on July 30.

The VND242-billion (US$11.5 million) project called Bamboo Garden has a total area of 10,528 square metres and will include two apartment buildings. The two nine-storey buildings will have 432 apartments with areas ranging between 48 square metres and 66 square metres each.

On June 13, 2013, the Ministry of Construction and Ha Noi People's Committee allowed the group to change the Bamboo Garden project's focus from commercial construction to social houses.

The group said that Bamboo Garden can also take advantage of the group's high-standard Sunny Garden City, located nearby, in which most of the social infrastructure and transport links have been completed.

Bamboo Garden will also have its own commercial areas, restaurants, mini marts, green parks, playgrounds and sports facilities, generally located between two apartment buildings.

Bus routes connect the area with destinations within the city.

Chairman of the CEO Group Doan Van Binh said that the Bank for Investment and Development of Vietnam (BIDV) has approved, in principle, a preferential loan for the project construction.

Binh added that customers can take BIDV loans at preferential interest rates to buy the apartments. According to initial estimates, a Bamboo Garden apartment costs approximately VND480million ($22,857), of which 80 per cent can be paid in installments. Thus, people can buy an apartment in the project with an initial payment of about VND100 million ($4,761).

The CEO Group plans to complete the project in 2016. — VNS