Apartment building with 69 m2 apartment for sale at about 1.46 billion VND in Hanoi

According to the Hanoi Department of Construction, the social housing area at 4 plots from CT01 to CT04 of Kim Hoa Urban Housing Area, Me Linh district, was started in May 2023.

The Department of Construction said the estimated selling price of apartments in this project is more than 21.2 million VND/m2 (including value added tax, excluding maintenance fee).

With the above unit price, a 69 m2 apartment in this project costs about 1.46 billion VND.

The rental price at the project is about 262,000 VND/m2, equivalent to the expected payment for the largest apartment being 18 million VND/month.

"The investor will announce the official price after it is assessed by the management agency," the Department of Construction informed.

The investor plans to receive applications for purchasing and renting apartments from the second quarter of this year and is expected to put them into use from the fourth quarter of 2027.

The social housing area in Kim Hoa commune has a total investment of nearly 1,300 billion VND, with a scale of more than 3.4 hectares. The project is planned on 4 land lots CT01 to CT04, including 9 towers, each tower is 9 floors high and has one basement.

Upon completion, the project will provide 720 apartments, ranging in size from 62 m2 to 69 m2, with a density of 10 apartments per floor. The number of apartments for sale includes 648, the rest are for rent.

The price of social housing in this project is not the highest in Hanoi at present. The highest price belongs to the social housing area in Ha Dinh urban area, Tan Trieu commune, Thanh Tri district with about 25 million VND/m2. This project started construction at the end of last year, expected to receive documents in the fourth quarter of this year.

Meanwhile, before 2023, the selling price of social housing in the capital fluctuated from 13 - 17 million VND/m2.

Responding to the question of why there is a difference in the selling price of social housing with the same incentives, Mr. Chu Van Hai, Head of the Department of Social Housing Development and Management, Department of Housing and Real Estate Market Management (Ministry of Construction) said that according to regulations, the selling price of social housing is determined based on the construction investment cost plus the standard profit (10%). This price is assessed by the specialized agency of the provincial People's Committee.

According to Mr. Hai, social housing is defined as an apartment building. Currently, social housing and commercial housing both apply Regulation 04/2021 and other relevant regulations. The only difference between social housing and commercial housing is the control of apartment area to reduce selling price.

Along with that, the state has issued a number of policies and mechanisms to reduce costs and prices for social housing to suit people's income, but the quality, standards and regulations must be the same as commercial housing, with full infrastructure for transportation and society...

“The cost is the construction investment cost calculated according to the provisions of the law. The difference between social housing and other projects is due to the difference in design requirements and project scale. In addition, if using a sample design, the price of prefabricated houses is even different,” said Mr. Hai.