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Hanoi to build 10,000 social homes for low-income earners

The Saigon Times

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HCMC – Hoa Binh Group has announced that it plans to develop 10,000 social homes in downtown Hanoi this year to meet the huge housing demand among low-income earners.

Hoa Binh Group yesterday, April 6, said that it is implementing social housing projects in Vinh Hung and Thanh Tri wards of Hoang Mai District.

According to the company, these social homes will comply with the prevailing regulations on housing prices at no more than VND18 million (US$788) per square meter.

To be eligible to buy these social homes, buyers do not own a home at the time of purchase and they must be permanent residents of Hanoi. Their status as a low-income earner must be certified.

Homebuyers can opt for one of three types of houses: a one-bedroom apartment of 31 square meters, a two-bedroom apartment of 52 square meters, and a three-bedroom one with a floor area of over 69.8 square meters.

Many social housing projects of other developers are also in the offing in the capital city, said the municipal Department of Construction.

In the outlying district of Hoai Duc, Housing and Urban Development Investment Corporation is preparing to develop the Van Canh social housing project with a total floor area of 53,000 square meters and 463 apartment units in Long Bien District.

BIC and Him Lam companies are jointly building infrastructure for three 22-story residential buildings with around 1,900 units.

Data from the Ministry of Construction showed that the demand for low-cost apartments accounts for 70-80% of the local market, while that for mid-end and high-end houses is some 20-30%.

However, over the past decade, the number of affordable homes launched on the local market fell sharply, while the demand in this segment has kept soaring.

Minister of Construction Nguyen Thanh Nghi said the country had completed 266 social housing projects in urban areas as of 2021, under the nation’s strategy to develop houses until 2020, with a vision toward 2030.

In the upcoming period, 278 more projects will be executed. Of them, 121 social housing projects with some 54,000 apartments will be built for industrial park workers. Some 100 other projects will be for workers, with about 134,000 apartments.

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