Buildings in Hanoi. Photo by VnExpress/Ngoc Thanh
Hanoi authorities are considering a proposal by a developer to convert its commercial housing project with 3,200 apartments into social housing.
Him Lam Phuc Loi in Long Bien District, belonging to Him Lam Company, was approved in 2018 with 3,200 commercial and 1,944 social housing units along with 504 relocation houses.
It has a price tag of VND7 trillion.
But Him Lam requested later that it be converted into a social housing project, except for 20% of the land set aside to develop commercial property.
City authorities are now seeking approval from the Ministry of Construction for the conversion.
Hanoi said it needs 1.21 million square meters of land for social housing in 2021-25.
The city is also planning to develop five social housing projects in the suburban districts of Dong Anh, Gia Lam, Thanh Tri, and Thuong Tin.
They will contribute 2.5 million square meters of housing when completed.