The Thu Do Investment and Trade Joint Stock Company yesterday began a housing project for low-income earners in the Bac Co Nhue-Chem New Urban Zone in Tu Liem District.— File Photo

HA NOI  (Biz Hub) — The Thu Do Investment and Trade Joint Stock Company yesterday began a housing project for low-income earners in the Bac Co Nhue-Chem New Urban Zone in Tu Liem District.

The project, costing VND650 billion (US$31 million), includes four 12-storey buildings, a covered area of two hectares and a total of 930 apartments ranging from 36.5 to 69.6sq.m..

With the estimated price per sq.m of about VND10.3-10.8 million ($490-514), customers will have to pay from VND400 million ($19,000) to VND700 million ($33,300) for an apartment.

The developer will use advanced technology to slash the building time. It is expected that apartments will be ready for occupation by the fourth quarter of next year.

Deputy Minister of Construction Nguyen Tran Nam said low-income earners faced a shortage of housing. In Ha Noi alone, 140,000 people had queued up for accommodation.

About 30,000 people employed by Ha Noi-based ministries and central agencies have registered for cheap homes. However, the number of low-income housing apartments on the horizon totals only 13,000.

At the inauguration ceremony, the Viet Nam Joint Stock Commercial Bank for Industry and Trade's Nam Thang Long branch signed lending contracts with five customers eligible for a 6 per cent interest rate. — VNS