Sunday, October 16, 2016

HCMC to build $4,500 apartments for low-income

HCMC to build $4,500 apartments for low-income workers
Local authorities in Binh Duong last year introduced to the market 5,000 apartments. Photo by NLD

Around 80 percent of workers at industrial parks across the country cannot afford to buy a home.

Ho Chi Minh City will follow the neighboring Binh Duong Province, a major industrial hub, to develop its own affordable housing program for low-income workers.
Le Van Khoa, deputy chairman of the city People’s Committee, has confirmed the plan, adding that each apartment of about 70 square meters is expected to cost only VND100 million (about $4,500).
To put that in persepctive, most apartments of similar size in the city now cost at least VND1 billion.
It is not immediately clear how many affordable units will be built in the city, but such projects are likely to be developed near industrial parks.
Local authorities in Binh Duong last year launched 5,000 apartments in its housing program for low-income people and has started construction work on another 10,000 units.
According to the Ministry of Construction, Vietnam currently has 2.2 million people working in industrial parks but only 20 percent of them have their own homes.
Read more at vne


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