Wednesday, 17 Jan 2018

Hanoi to build 11 million square meters of housing area in 2018

Updated at Saturday, 13 Jan 2018, 16:50
The Hanoitimes - The Capital city targets to construct roughly 11 million square meters of housing area this year, according to the city’s Department of Construction.
Among the total, 430,000 square meters will be social housing projects and 348,000 square meters will come from resettlement projects, while the rest will be commercial housing projects.

The municipal department said it would initiate measures to remove obstacles and promote the development of the real estate market. It will also strive to create conditions for developers to diversify products as well as adjust the planning of scales of housing projects to meet the market demand.
Hanoi will build 348,000 square meters of resettlement housing areas this year
Hanoi will build 348,000 square meters of resettlement housing areas this year

Nguyen Chi Dung, Deputy Director of the city’s Department of Construction, said Hanoi built more than 11 million square meters of housing area in 2017, of which 60,688 square meters were social housing projects, 164,640 square meters were resettlement projects, 2.5 million square meters were commercial housing projects, and the rest of 8.3 million square meters were built by local residents.

Social housing projects of Hanoi are concentrated mainly in five areas of Tien Duong in Dong Anh District, Co Bi in Gia Lam, Ngoc Hoi in Thanh Tri, and Co Nhue 2 and EcoHome 3 in Bac Tu Liem.

The Hanoi People’s Committee has recently also proposed the Government a special mechanism to order developers to build more than 17,600 commercial apartments for resettlement purpose by 2020. The total investment capital of the apartments is estimated at roughly VND18.51 trillion (US$815.42 million).

The committee said that it has so far prepared 27 projects which will include roughly 19,800 apartments and cover a total area of 28.5 hectares to call for investors.

Under the mechanism, Hanoi will provide cleared land and select qualified investors to build the resettlement apartments as approved planning.

Meanwhile, the investors will only be allowed to sell the apartments at a maximum profit of 10 per cent of their investment or sell 15 per cent of the flats at market prices.

To be qualified for the selection, investors must meet ten criteria such as experience, financial status, governance and committed schedule.

With this mechanism, it is expected that quality of homes for resettlements would be improved and the accountability of developers would be enhanced.

Hanoi started piloting this mechanism for six projects with a total of more than 4,300 apartments which were expected to be completed by 2020.

The average housing area per capita in Hanoi is 25.6 square meters and the city targets to increase it to 26.3 square meters by 2020.
Thao Le
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