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Last updated: Tuesday, May 22, 2018

 

Construction and Investment Co., Ltd Making the Dream of Low-income Earner Housing Come True

Posted: Wednesday, May 16, 2018


“Khanh Hoa province currently needs 15,000 apartments for low-income people, according to a report by the Provincial Department of Construction. Thus, the objective of the company is to help low-income earners to realise the dream of permanent settlement,” said Nguyen Xuan Hoa, Director of Construction and Investment Co., Ltd. Arguably, the second phase of Binh Phu Social Housing Project invested by the company is a result of understanding and listening, a great effort of the investor to meet pressing social demands.

Social housing - Why not?
Recently, the Nha Trang real estate market has achieved much success. However, most of this is in high-end vacation property, while social housing for low-income people is always short because the latter brings in lower margin, higher risk and complex procedures. Seeing this, Construction and Investment Co., Ltd is determined to launch the second phase of Binh Phu Social Housing Project, a remarkable property project in Khanh Hoa ratified by the Provincial People’s Committee. This project meets local people's need for social housing.

The second phase of Binh Phu Social Housing Project was situated on Nguyen Chich Street, Vinh Hoa Ward, Nha Trang City. The internal infrastructure system is connected with four façade roads that lead to main traffic routes such as Dien Bien Phu, Pham Van Dong and Hai Thang Tu. Covering nearly 6,000 square metres, the project has two building blocks with 445 flats, including 20 per cent commercial area and 80 per cent social housing. At present, the company is concentrating on human resources to accelerate the project progress as planned, ensure the quality and progress according to the standards set by the Ministry of Construction. “In a short time, the company has tried to complete basic procedures to start construction, build the foundation and prepare apartment-selling procedures. We want to bring a modern, peaceful residence of high standards to provide a perfect living experience for dwellers. The internal area is equipped with surveillance cameras which run around the clock, smart elevators, card-controlled parking system and outdoor playground,” Hoa said.

The project, kicked off in November 2017, is now building the 15th floor and expected to be complete in May 2018. The price of the second phase of Binh Phu Social Housing Project was approved by the Provincial People’s Committee, starting at VND10.5 million per square metre. Apartments have area of 46 - 72 square metres. According to current regulations, to be eligible, buyers must have permanent residence in Khanh Hoa province, have a stable income value of less than VND9 million a month, and own no house to date. According to the plan, the project will be completed and handed over in the second quarter of 2019.

Creating a modern, civilised residence

Nha Trang now has just three affordable social housing projects, including P.H Complex Nha Trang, Phu Khanh Railroad Apartment and Binh Phu Social Housing Project - Phase 2. And, these projects meet just 20 per cent of the demand. To date, the company’s project has sold 70-85 per cent of total units, but 20 per cent of the area is for lease or lease purchase, and remains vacant. “The company will ask the Provincial People’s Committee for selling apartments designed for lease and lease purchase to recover investment capital rather than leave them vacant,” he added.

With the current situation, the company will continue to invest in real estate projects but not social housing projects because the land fund in Nha Trang City is limited. Construction and Investment Co., Ltd is seeking permits from the Provincial People’s Committee to carry out a nearly 40-storey block covering nearly 5,000 square metres at 84 Quang Trung Street at the heart of Nha Trang City, the 92-ha Phuong Hoang New Urban Area. The company is carrying out a 43.6-ha new urban area in Nhon Trach district, Dong Nai province. In the near future, the firm has many plans and Hoa hopes local governments will assist investors to obtain investment certificates. With the rapid growth in scale and size, the capacity of Construction and Investment Co., Ltd will certainly be uplifted to better meet innovation and business requirements, contribute more to local socioeconomic development strategy, provide a perfect residence for dwellers, particularly low-income earners.

Han Luong








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