Sun Group to Build Social and Rental Housing Worth VND 40 Trillion in Phu Quoc

Sun Group, a leading Vietnamese real estate developer, held a groundbreaking ceremony on August 2 for its social housing and urban infrastructure development program in the An Thoi Urban Area on Phu Quoc Island. The project involves a total investment of VND 40 trillion (approximately USD 1.6 billion) to construct around 50,000 social and rental housing units. This initiative aims to secure housing for residents and workers, enhance social security, and improve the quality of life on Phu Quoc. It is part of a broader plan to develop the island into an international tourism and service hub, as well as a world-class marine economic center, in preparation for hosting APEC in 2027. The plan also includes attracting and settling global talent. Located at the southern gateway of Phu Quoc, the 55-hectare development area will offer high-quality social and rental housing built to "Singaporean standards." The design prioritizes green spaces and ample public areas, fostering an environment where residents can connect with nature and maintain their health. The construction density will be around 28%, with significant areas dedicated to green spaces, landscaping, and community facilities. The project will include essential amenities such as schools, medical facilities, cultural centers, parks, squares, parking lots, commercial areas, community houses, and sports facilities. This aligns with the Party Central Committee's directive on social housing, emphasizing the priority development of rental housing alongside for-sale units, particularly in major cities and economic zones. Dang Minh Truong, Chairman of Sun Group, stated that the company's participation in social housing development is part of its commitment to working with local authorities to implement the Party and State's policies on social security. He emphasized that modern urban development must be human-centric, and a region's prosperity is measured by the stability of its residents' lives. Stable housing, he noted, is the foundation for attracting and retaining high-quality human resources and building modern, civilized communities. The Social Policy Bank (An Giang Branch) also highlighted the transparency of preferential credit policies for eligible social housing buyers, aiming to facilitate access to suitable financing for residents and workers. The An Thoi social housing project is expected to meet the housing needs of workers, low-income families, and those affected by urban development, while also supplementing housing supply to match the pace of tourism, service, and infrastructure growth on the southern island. Sun Group is also intensively developing key infrastructure projects for APEC 2027, including airport expansion and the APEC conference center. The launch of this social housing and infrastructure development program signifies not just the beginning of a construction project, but also an approach to harmonious development where infrastructure, economy, and social security are integrated within a long-term vision. This aims to transform Phu Quoc into a dynamic, modern, and livable destination where every resident and worker has the opportunity to settle, contribute, and share in the island's future. Source: Nhan Dan