Rice City Long Chau social housing project sets price record of $1,035/m2
At $1,035 per square meter, Rice City Long Chau in Thuong Thanh Ward, Long Bien District, is now the most expensive social housing project in Hanoi.
THE HANOI TIMES — The social homes at Rice City Long Chau will be sold at an average price of VND26 million-27 million (US$997-$1,035) per square meter.
Construction of the Rice City Long Chau social housing project is underway in Thuong Thanh Ward in the Long Bien District. Photo: diendandothi.kinhtedothi.vn
This is the highest price ever for a social housing development in Hanoi.
Previous record prices were found at the UDIC Ha Dinh project in Tan Trieu Commune, Thanh Tri District, at VND25 million ($959) per square meter and at the NHS Trung Van project in Trung Van Ward, Nam Tu Liem District, at VND19.5 million ($748) per square meter.
Given the maximum price of VND27 million ($1,035) per square meter, the smallest 32-square-meter apartment will cost around VND864 million ($33,140), and the largest 77-square-meter unit will cost approximately VND2 billion ($76,710).
The Rice City Long Chau project is located in Thuong Thanh Ward, Long Bien District and will feature 1,980 apartments. Construction is underway on all three buildings.
Of these, 1,699 will be sold as social homes, 245 will be offered as rent-to-own units, and 36 will be reserved for on-site resettlement.
Around 600 units are expected to be completed by the end of this year, and the entire project is scheduled for completion in the fourth quarter of 2027.
The developers are currently accepting applications for apartment purchases until June 16. Document submission is expected to take place in late Q2 or early Q3 of 2025, and handover is projected for Q3 of 2027.
Earlier, the Ministry of Construction released an update on the progress of social housing projects in Hanoi for 2024.
Six social housing projects in the capital are expected to be completed this year, delivering 4,730 units and surpassing the Prime Minister's annual target of 4,670 units for Hanoi.
Among these projects, a 1,340-unit development for Ministry of Public Security personnel in Bac Tu Liem District was finished in the first quarter of the year.
A 1,104-unit project in Kim Chung Commune, Dong Anh District, is expected to be delivered by the end of the year.
In Me Linh District, construction is underway on a 720-unit urban housing project in Kim Hoa Commune and a 500-home project in the Thanh Lam – Dai Thinh 2 urban area. These two projects are expected to be finished this year.
The government has tasked Hanoi with delivering nearly 45,000 social homes from 2025 to 2030. The annual breakdown of this goal includes 4,670 units in 2025, 5,420 units in 2026, 6,400 units in 2027, 6,790 units in 2028, 7,370 units in 2029, and 14,200 units in 2030.
