City starts construction of new social housing project

The 15-ha Thoi An residential area project in District 12 was designed to provide the market with 1,125 units, including 312 townhouses, 99 villas, 354 low-cost apartments and 360 apartments of social housing. The construction will take 20 months to be completed.— VNS Photo

HCM CITY (Biz Hub) — The People's Committee of HCM City has approved the conversion of 360 apartments in a 15-storey building into social housing project.

The developer of the project in the Thoi An residential area, the Sai Gon- Gia Dinh Real Estate Joint Stock Company, began construction last Saturday.

The apartments will be sold for VND10-11.6 million per square metre under a proposal of the city's People's Committee.

The construction will take 20 months to be completed.

Speaking at the groundbreaking ceremony, Nguyen Tran Nam, deputy minister of construction, said that disbursement of the social housing stimulus package worth VND30 trillion (US$1.4 billion) had reached VND600 billion (US$28.5 million).

Four social housing projects began construction over the past two months, and many more are expected to begin construction in the next few months, according to Nam.

The country has a total of 124 social housing projects for low-income residents and workers at industrial parks, with more slated to open.

Investment for the projects, which have a total of 78,700 apartments, has amounted to VND30.67 trillion ($1.45 billion), according to the Ministry of Construction's Real Estate Market and Housing Management Department.

Eighty-five of the housing projects, which have a total of 51,895 apartments, are for low-income residents. They are valued at a total of VND23.82 trillion ($1.13 billion). — VNS