The Hanoi People’s Committee has just approved changing the first commercial housing project into the social housing.
Song Da Urban Investment Construction and Development Joint Stock Company's project in Ha Dong District
Earlier, Song Da Urban Investment Construction and Development Joint Stock Company (SDU) proposed that the committee turn part of its commercial housing project, located in Ha Dong District, Hanoi, into the social housing, not using the state-funded capital source.
The entire project comprises one 35 storey building and one 45 storey building. SDU was granted permission to create the 35-storey building, with 512 apartments, as a low-income tenament. The second and the third floors are to be used as pre-schools, health and sports areas to serve the residents.
The company is also responsible for building technical and transport infrastructure, electricity and water supply systems and green areas.
The entire project is expected to require a combined investment of VND1.2 trillion (USD57.1 million), including VND507 billion for the 35-storey building. Most of the funds will come from SDU with the remainder coming from the governments fund for low-income housing projects.
After the project is expected to come online in 2015.
According to the Hanoi Department of Construction, 12 other projects in the city are seeking permission to change into social housing projects, including Housing and Urban Development Corporation (HUD)’s Thanh Lam-Dai Thinh 2 project in Me Linh and West of Linh Dam project and Vinaconex’s Kim Van-Kim Lu project in Hoang Mai District.
Hanoi plans to license similar changes of commercial housing projects into social housing projects for around 10 other buildings this year. Construction has already started on six of them.
