6 social housing projects in Ho Chi Minh City are eligible for loans from the 120,000 billion VND package

As of June 12th, the Department of Construction had received 6 requests from investors seeking loans from the 120,000 billion VND credit package under Government Resolution No. 33/NQ-CP dated March 11, 2023. These included 3 investors in social housing projects, 1 investor in a worker rental project, and 2 investors in projects to renovate and rebuild old apartment buildings.

Notably, three social housing projects have registered to borrow from the 120,000 billion VND credit package this time, specifically: the Social Housing Area - Phase 2 project in Nguyen Son Housing Area, Binh Hung commune, Binh Chanh district (Block C), invested by Nguyen Son Real Estate Joint Stock Company. The project has a construction land area of 22,302 m2; with 242 apartments (equivalent to 14,100 m2 of floor area).

6 social housing projects in Ho Chi Minh City meet the standards for a 120,000 billion VND loan (Figure 1). — The Department of Construction has received six requests from investors seeking loans from the 120,000 billion VND credit package under Government Resolution No. 33/NQ-CP dated March 11, 2023. (Photo: TP)

The social housing project at 324 Ly Thuong Kiet Street, Ward 14, District 10, is invested by Duc Manh Joint Stock Company. It covers an area of 18,005 m2 and includes 1,254 apartments (equivalent to 138,365 m2 of floor space).

The Long Truong Ward Housing Project in Thu Duc City is invested by Dien Phuc Thanh Construction and Housing Business Co., Ltd. This project has a construction land area of 14,300 m2 and includes 558 apartments (with a total floor area of 34,316 m2).

This round of proposals also includes one social housing project for workers to rent in the Industrial Cluster of District 2, Thanh My Loi Ward, Thu Duc City, invested by ThuThiemGroup Joint Stock Company. The project has a construction land area of over 20,000 m2 and 1,004 apartments (equivalent to nearly 94,000 m2 of floor space).

Notably, this round includes two apartment renovation and reconstruction projects that registered for loans totaling over 1,100 billion VND, namely: the new apartment building project at 350 Hoang Van Thu Street, Ward 4, Tan Binh District (invested by Duc Khai Tan Binh Joint Stock Company) and the Saigon Central Residential Area project at 23 Ly Tu Trong Street, Ben Nghe Ward, District 1 (invested by DOWNTOWN Real Estate Joint Stock Company).

During the review process, the Department of Construction assessed that all six projects mentioned above met the criteria and conditions as guided by the Ministry of Construction , specifically: three social housing projects and one worker rental housing project have obtained construction permits, and two old apartment building reconstruction projects have received investment approval.

According to Mr. Huynh Thanh Khiet, Deputy Director of the Department of Construction, regarding the need for loans, this is a registration matter for the investor, and banks will conduct appraisals according to the guidelines of the State Bank of Vietnam before granting loans.

In addition, following the guidance and authorization of the Ministry of Construction in document No. 1551/BXD-QLN dated April 20, 2023, the Department recommends that the City People's Committee publicly announce (Phase 1) on the Committee's electronic information portal the list of 06 projects so that banks have a basis to apply for loans under the 120,000 billion VND credit program.

The Department of Construction will continue to review and compile reports for the City People's Committee in subsequent phases when projects meet the eligibility criteria.

Previously, on May 25th, the Department of Construction sent a document to the investors of social housing projects, worker housing projects, and apartment building renovation projects in the area. The document requested that these investors base their loan applications on the Ministry of Construction's guidelines regarding loan conditions, criteria, and capital needs for project construction.

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