New social housing project in Hanoi to offer 1,100 apartments

Real estate developers Handico and Viglacera on March 3 kicked off the construction of Thang Long Green City social housing project in Kim Chung Commune, Dong Anh District.

The project, which covers nearly 3.7 hectares and includes four 12-story buildings, will provide more than 1,100 apartments for over 3,900 people.

The developer plans to hand over the apartments to buyers in Q4/2026, with a selling price of VND18.4 million (US$720) per square meter. This price includes 5% VAT and a 2% maintenance fee.

Net of taxes and fees, the price is around VND16.2 million ($633) per square meter. This is much lower than the current price of commercial apartments, which is around VND60-70 million ($2,340-2,735) per square meter.

At this rate, a 49.8m² apartment costs about over VND916 million ($35,800), while the largest 64m² unit costs about VND1.2 billion ($46,900).

Prior to this project, the developer commissioned a social housing building on Lot CT4 in Q4 2021, delivering 484 apartments for over 1,500 people.

In December 2024, the Urban Infrastructure Development Corporation (UDIC) started the construction of the N01 Ha Dinh social housing project at Alley 214, Nguyen Xien Road, Thanh Tri District. This project includes 255 units for sale and 110 units for rent, with a preliminary selling price of VND25 million ($977) per square meter. The developer started accepting applications in Q4/2024.

Hanoi is developing three large-scale social housing projects in Dong Anh District. These projects, covering nearly 200 hectares, will provide commercial-quality housing with an expected selling price of around VND18 million ($703) per square meter.

The prime minister recently set social housing targets for 2025 and beyond, which are included in local economic and social development plans.

Hanoi is expected to build 4,670 social housing units in 2025 and 44,866 units from 2025 to 2030. In 2024, the city commissioned nine social housing projects with about 4,800 apartments.