HCM City begins building 1,500 social housing units

September, 05/2022 - 13:31
Construction of nearly 1,500 apartments for low-income people at two social housing projects has started in HCM City.

 

Ground being broken on August 30 for the construction of social housing project MR1 in HCM City’s District 7. — Photo www.sggp.org.vn

HCM CITY — Construction of nearly 1,500 apartments for low-income people at two social housing projects has started in HCM City.

The projects will help meet the rising demand for affordable housing in the city, especially from migrant workers, according to the local Department of Construction.

One of them, Dragon E-Home, will have 764 apartments measuring 25-85sq.m on a land plot of nearly 19,00sq.m in Thủ Đức city’s Phú Hữu Ward.

Developed by Dragon Village Real Estate Joint Stock Company, its construction began on August 3.

The 6,995sq.m MR1 project in Bình Thuận Ward in District 7 will have 712 units. It is being developed by the Xuân Mai Sài Gòn Construction Investment Joint Stock Company. 

The city will also soon begin renovation and reconstruction of two old apartment complexes in District 1 and Tân Bình District.

They are at 350 Hoàng Văn Thụ in Tân Bình District (with 374 units) and 23 Lý Tự Trọng in District 1 (160 units).

The city has identified housing as one of the most important factors in socio-economic development.

Its People’s Council has passed a resolution for housing development in 2021-30 and expects to build 35,000 houses in 2021-25 and nearly 58,000 by 2030.

All sectors are encouraged to invest in housing development, especially social and low-cost housing.

Funding for social housing will mainly come from private enterprises, preferential bank loans and the city's coffers.

The city plans to allocate VNĐ3.8 trillion (US$160 million) for social housing in 2021-25 and VNĐ8.6 trillion ($366.8 million) for the next five years.

The People's Council is set to establish a working team to monitor the development of social housing in the city in 2016-25. — VNS

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