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Hard to believe the 14 million/m2 apartment is empty in the middle of the land fever, worried about 15,000 billion won’t have a place to spend it

The problem is still missing

According to information from the Hanoi Department of Construction, at the end of January, Thang Long Confectionery Company Limited, the investor of the project of social housing (social housing) and commercial services AZ Thang Long (trade name Bright City) ) in Hoai Duc district, continue to notify the receipt of documents to buy and rent social housing for the 24th phase of buildings A1.1; A1.2; A2; A3 at the project.

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After 7 years with the record of “king for sale” up to 24 times, will the Bright City social housing project get out of stock?

The project has a total of 1,496 apartments, of which 264 are for sale; 911 apartments for sale and 312 apartments for rent. The estimated selling price of the apartment in this project is more than 14 million VND/m2 (excluding VAT and 2% maintenance fee). However, from the first sale in 2015 to the 23rd opening for sale, the project has only sold 847 apartments and 113 houses for rent.

This was originally a commercial housing project, but during the implementation process, the project has been “covered” many times. By 2014, the investor would like to move this project to Social housing project. AZ Thang Long is a social housing project in the credit package of VND 30,000 billion.

Construction started in November 2014 and according to the apartment purchase and sale contract, the investor must hand over the house to residents in November 2017. However, when the package of 30,000 billion ended, the project faced difficulties in funding, making the implementation and handing over of houses to people slow. So, after 7 years with a “record of opening for sale” up to 24 times, will this social housing project get out of stock?

Also right in Hanoi, another social housing project is Bamboo Garden of CEO Group Joint Stock Company in Quoc Oai district, which is a project that the investor quickly converted from commercial housing to a social housing project from 2014 to enjoy the preferential package of 30,000 billion VND.

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Bamboo Garden social housing project of CEO Group Joint Stock Company with a selling price of just under 10 million VND/m2 has been opened for sale more than 20 times.

The project has a total of 432 apartments, including 346 apartments for sale, 86 apartments for rent. The temporary selling price of social housing apartments is less than 10 million VND/m2 (including VAT and maintenance fees). With such a cheap price, this project is still open for sale more than 20 times.

This is the reality full of adversity on the social housing segment that always falls into lack of supply but it is not uncommon for projects to be out of stock like Bright City or Bamboo Garden.

Talking at the recent seminar “Unlocking the bottlenecks in the development of social housing and housing for workers”, Deputy Minister of Construction Nguyen Van Sinh said that currently, the whole country has completed 275 social houses, with about 147,000 apartments. . The whole market is continuing to deploy 339 other projects, with about 371,500 new apartments, coming to the market.

However, the Deputy Minister frankly acknowledged that the number of such housing projects has not met expectations. According to the leader of the Ministry of Construction, the main reason is the lack of land fund to build social housing; problems in the investor selection procedure; There is a lack of preferential capital and the incentive mechanism for investors is not substantial and not strong enough to attract businesses.

A series of “knots”, businesses are afraid to do social housing

Mr. Le Huu Nghia, General Director of Le Thanh Trading Construction Co., Ltd shared, normally from the beginning of the project application procedure to the end, it takes about 5 years to complete. However, the maximum profit of social housing according to regulations is 10%. This profit is even lower than the interest rate on savings. This is the reason many businesses are “afraid” to develop social housing.

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Deputy Minister of Construction Nguyen Van Sinh

Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HOREA) also pointed out many problems in the mechanism that made the development of social housing difficult in the past time. In particular, the HoREA president pointed out that the profit norm of only 10% of social housing and housing for workers is not enough to solve financial problems for businesses. Not only that, the approval of the selling price of social housing, the legal procedures related to the issuance of pink books, the issue of compensation for site clearance costs are still slow to implement, all of which have a significant impact on attracting businesses to develop. develop this segment.

According to Mr. Luyen Van Phuong – Deputy Director of the Hanoi Department of Construction, the support package under Resolution 11/ND-CP of the Government, as soon as it was issued, quickly created momentum for the market. However, that is only one of the solutions. Because in fact, the land fund to develop social housing, housing for workers is still limited. Although there is a rule that 20% of the land fund In commercial housing projects dedicated to social housing development, in Hanoi alone, this rate is 25%, but almost does not meet the requirements.

Worried about 15,000 billion has no place to spend

Sharing at a previous seminar, Mr. Nguyen Manh Khoi, Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) said that in two years (2020-2021), the real estate supply decreased sharply, in 2021 housing supply decreased by 34% compared to 2020, in 2020 the number of new projects decreased by 50% compared to 2019. And social housing has almost no new licensed projects, while this is segment with the highest demand.

According to Mr. Khoi, the program of economic recovery and development is an opportunity for the real estate market.

“15,000 billion VND to support tenants and buy houses with low interest rates, but now where can I get the supply to let people buy social housing? That is, in order to disburse VND 15,000 billion above, there must be a supply of social housing for the people. So, in 2 years, will you spend 15,000 billion?” – Mr. Khoi said.

Raised the problem of solutions at the seminar “Removing bottlenecks in the development of social housing and housing for workers”, said Mr. Ha Quang Hung, Deputy Director of the Housing and Real Estate Market Management Department, Ministry of Construction. 2 main problems need to be solved.

Firstly, amend and synchronize the legal system, from housing law, tax law, real estate business law. Second, speeding up the working process with local authorities, urging and guiding the implementation of 2 support packages under Resolution 11/NQ-CP, seriously setting aside 20% of the land fund for social housing development in projects commercial housing project. At the same time, check and review the Housing project current trade, to create a movement to develop social housing.

Mr. Tran Hoang Quan, Director of Ho Chi Minh City Department of Construction, said that in the past time, this agency has advised the Ministry of Construction as well as related ministries and sectors to propose 8 solutions to develop social housing. Specifically, it is necessary to reform, shorten procedures, time to complete procedures, remove difficulties for social housing projects; Reviewing and supplementing the land fund in industrial parks, export processing zones and high-tech zones are also focused on promoting.

According to Mr. Quan, Ho Chi Minh City will review the projects in the area to ensure they are implemented seriously. With 34 projects in Ho Chi Minh City and 20% of the land fund for social housing development, the city will have an additional supply of over 70,000 apartments. The supply problem will soon be solved.

According to Mr. Tran Cong Tuong, General Director of Thu Do Investment and Trading Joint Stock Company (Capital House Group), it is necessary to have more support credit packages like the previous VND 30,000 billion package to create incentives. force to attract businesses to develop social housing, housing for workers.

Along with that, the enterprise cooperates with the bank to disburse, evaluate policy beneficiaries, guide customers to carry out the review and approval procedures to buy and rent social housing, thereby implementing the process of implementing social housing. The meeting is shortened, ensuring the interests of both customers and investors.

Conveniently style

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The Ministry of Construction inspected the land fund for social housing, Hanoi listed 23 projects

The Hanoi Department of Construction has just sent the Inspector of the Ministry of Construction a list of 23 commercial housing projects, houses and urban areas that must be set aside for social housing land in the city.

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