Authorities of HCM City plan to build apartments with prices at under VND1 billion (US$43,898) per unit for employees located in the city.

The city will study and work with investors to reduce costs and diversify products to build affordable apartments at prices from VND300 million to VND400 million, VND700 million and under VND1 billion per unit to meet demand of the low-income people, Tran Trong Tuan, director of the HCM City Construction Department, said.

This plan was proposed after the city had successfully constructed 40,000 apartments with price at VND100 million per unit, similar to the southern province of Binh Duong that has built such apartments for workers in the province, he said.

At present, one investor will develop a social housing project of 1,000 units in District 12, while another investor is planning to invest in building social houses on land under the land fund managed by the State.

“The construction department has discussed with these two investors to reduce the selling price to VND300-400 million per unit. Only projects that are developed on land under State management can offer houses at VND300 million per unit. There will be no cheap apartments if companies themselves conduct site clearance and compensation for site clearance," Tuan said.

Phan Truong Son, head of the department’s Housing Development and Real Estate Market Division, said the city currently had 57 social housing projects with total area of ​​165ha.

The department has submitted to the city People’s Committee a social housing development plan until 2020, including solutions to diversify property products, such as for people living along canals and rivers who are not eligible to buy commercial houses. — VNS