Construction began Saturday of Vietnam's largest affordable housing project to date, which aims to accommodate more than 1,500 low-income families in Hanoi.
The VND949 billion (US$48.7 million) project, developed by Hanoi-based Vinaconex, comprises five 19-story buildings over an area of more than 25,000 square meters in Ha Dong District.
Each of the 1,512 apartments in the project has an area of between 65 and 70 sqm and is expected to be sold at VND8 million per sqm. The project is scheduled for completion in 18 months.
Speaking at the groundbreaking ceremony of the project, Deputy Chairman of the Hanoi People's Committee Phi Thai Binh said the capital city has licensed nine low-income housing projects that will build more than 25,000 apartments in total.
Eligible buyers for these projects must be in the low income bracket with annual incomes of less than VND36 million ($1,850). They may or may not own a house already but the average housing area in their family must be smaller than 5 sqm per person.