Construction of nearly 1,500 apartments for low-income people at two social housing projects has started in Ho Chi Minh City.
At a groundbreaking ceremony for a social housing project (Photo: sggp.org.vn)
The projects will help meet the rising demand for affordable housing in the city, especially from migrant workers, according to the municipal 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 Thu Duc city’s Phu Huu ward.
Developed by Dragon Village Real Estate Joint Stock Company, its construction began on August 30.
The 6,995sq.m MR1 project in Binh Thuan ward in District 7 will have 712 units. It is being developed by the Xuan Mai Sai Gon Construction Investment Joint Stock Company.
The city will also soon begin renovation and reconstruction of two old apartment complexes in District 1 and Tan Binh district.
They are at 350 Hoang Van Thu in Tan Binh district (with 374 units) and 23 Ly Tu Trong in District 1 (160 units).
The city has identified housing as one of the most important factors in socio-economic development.
The municipal 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 3.8 trillion VND (160 million USD) for social housing in 2021-25 and 8.6 trillion VND (366.8 million USD) 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./.