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Hanoi Unveils New Social Housing Project Priced at VND 28.4 Million Per Sqm
Hanoi has announced a new social housing project, CT2, in Hoang Mai district, with an estimated price of VND 28.4 million per square meter. The project aims for completion in early 2027, reflecting a recent upward trend in social housing prices in the capital.
The Hanoi Department of Construction has announced information about the CT2 social housing project within the X2 housing area, located on Tran Phu Street, Hoang Mai District (now Linh Nam Ward). This project is situated adjacent to Ring Road 3 and the Nguyen Khoai River, and is being developed by the Hanoi Housing Development and Investment Corporation (Handico). The X2 housing area is built on a plot of over 1.5 hectares, with the social housing building CT2 occupying a construction area of 1,935 square meters. The building will consist of 17 above-ground floors and two basements, with a total investment of over VND 293 billion (approximately USD 12 million). Upon completion, the project is expected to supply 150 units to the market. This includes 83 social housing units for sale, with an estimated price of VND 28.4 million per square meter (including VAT and maintenance fees). This translates to a total unit price ranging from VND 1.1 billion to VND 1.5 billion (approximately USD 47,000 to USD 64,000). Additionally, there will be 31 units for rent at an estimated price of VND 110,000 per square meter, 12 units for lease-purchase, and 24 commercial apartments. The developer plans to begin accepting purchase applications in the third quarter and aims for completion in the first quarter of 2027. Since the end of 2024, several social housing projects have been under construction in Hanoi, but prices have shown an upward trend. Three years ago, the selling price per square meter for social housing projects was below VND 20 million, but now projects exceeding VND 30 million have emerged. According to the Department of Construction, Hanoi currently has 90 social housing projects with approximately 80,800 apartments. Of these, 13 projects with over 11,000 units have commenced construction. Another 41 projects, comprising nearly 27,500 units, are planned for construction this year. The remaining 29 projects (over 35,000 units) are scheduled for implementation in 2027.
Original source
VnExpress