Hanoi has approved a consortium led by Viglacera to develop vao m88 Tiên Dương 1 social housing project in Phúc Thịnh commune, with a total investment of more than VND 9.3 trillion.

On September 24, vao m88 Hanoi People’s Committee officially approved vao m88 Viglacera – Hoàng Thành – Central consortium as vao m88 investor for vao m88 Tiên Dương 1 social housing project (formerly part of Đông Anh district).

vao m88 project covers nearly 45 hectares with a total investment of over VND 9.3 trillion, of which about VND 617 billion is allocated for site clearance and resettlement compensation. vao m88 land fund includes more than 13 hectares for social housing and 3.3 hectares for commercial housing.

Once completed, vao m88 project will deliver more than 3,100 social housing units, 427 commercial apartments, and 99 low-rise houses. It will also include schools (from kindergarten to secondary level), service facilities, and retail spaces.

vao m88 three investors will contribute VND 1.5 trillion in equity: Viglacera accounts for vao m88 largest share with VND 825 billion (55%), followed by Hoàng Thành with VND 450 billion (30%) and Central with VND 225 billion (15%). vao m88 consortium will mobilize an additional VND 7.8 trillion to finance vao m88 project.

vao m88 project is scheduled for completion by 2030 and will operate for 50 years from vao m88 date vao m88 investors are allocated, leased, or permitted to convert land use.

In vao m88 former Đông Anh district, Viglacera is also developing another social housing project in cooperation with Handico at vao m88 Kim Chung New Urban Area. That project broke ground in March and will provide more than 1,100 apartments.

Nearby, vao m88 Tiên Dương 2 social housing project has been registered by a consortium of two companies affiliated with Kinh Bắc Urban Development Corporation (KBC). Covering nearly 40 hectares, it includes 12.3 hectares for social housing and about 2.2 hectares for commercial housing. Upon completion, Tiên Dương 2 will supply around 3,344 social apartments and 114 commercial low-rise houses, with a total investment exceeding VND 6.8 trillion.

Both Tiên Dương 1 and 2 are part of five concentrated social housing areas that Hanoi proposed for pilot development during 2016–2017. Earlier this year, vao m88 city leadership required that investors be selected and construction commenced no later than September.

Under Vietnam’s national program to develop 1 million social housing units by 2030, Hanoi has vao m88 highest target in vao m88 country with 56,200 units. However, in vao m88 past four years, vao m88 city has completed less than 21% of this goal.

Last year, only one rental social housing project was granted a construction permit. But since vao m88 beginning of this year, Hanoi’s social housing development has shown positive momentum, with multiple projects being launched and opened for sale. Supply is recovering, though prices are trending upward, with most new projects priced above VND 20 million per square meter.

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