Hanoi Allocates Nearly 3 Hectares for Police Housing Project

Hanoi City's People's Committee has decided to allocate nearly 3 hectares of land across three plots (CT1, CT2, CT3) within the Vibex urban area in Dong Ngac ward (formerly Bac Tu Liem district) to Thai Ha Investment and Development Joint Stock Company. The land is designated for a housing project aimed at police officers and soldiers. Within the project, high-rise housing will be developed on plots CT1 and CT2, covering over 1.6 hectares. Investors will be exempt from land use fees for this portion. Meanwhile, 0.4 hectares in plot CT4 will be developed for low-rise commercial housing, subject to land use fees. Additionally, the project area will include 0.8 hectares allocated for road infrastructure development and 116 square meters for public green spaces. The Department of Agriculture and Rural Development has been tasked with determining land prices to calculate land use fees for the low-rise commercial housing area. Investors are required to implement the project according to schedule; the state may reclaim the land if delays persist beyond any granted extensions. The Vibex urban area received approval for its detailed 1/500 master plan in September 2018, spanning over 42 hectares. Beyond the dedicated police housing, the urban area is also planned to include high-rise buildings up to 36 floors, 5-story villas and townhouses, a commercial center, hotel, offices, and medical facilities. The total investment for the project is nearly 7.3 trillion Vietnamese Dong (approximately $300 million USD), including 402 billion Vietnamese Dong (approximately $16.7 million USD) for compensation and site clearance. Development is scheduled from the fourth quarter of 2025 to the fourth quarter of 2030. Last year, Hanoi City completed 5,158 social housing units, exceeding its assigned target by about 10%. The capital aims to complete 18,700 social housing units by 2026. Since late 2024, numerous social housing projects have commenced in Hanoi, but prices are showing an upward trend. Three years ago, the selling price per square meter for social housing projects was below 20 million Vietnamese Dong (approximately $830 USD); currently, projects priced over 30 million Vietnamese Dong (approximately $1,250 USD) are appearing frequently. Source: VnExpress