Low-income housing project breaks ground in HCMC

The state-run Saigon Real Estate Company (Resco) on Saturday launched a VND792-billion (US$44.42 million) low-income housing project in Ho Chi Minh City.

Located in Binh Chanh District’s Tan Nhut Commune, the nearly 50,000 square-meter project is expected to build 1,233 apartments for low-income workers of the local Le Minh Xuan Industrial Zone and adjacent areas once it is completed in 2012.

Each apartment of around 45-70 square meters will be put on sale for between VND430-670 million ($24,116-37,577) excluding value-added tax.

The apartments can also be leased for VND150,000 ($8.41) per person a month, said Resco Director General Nguyen Tri Trung at the groundbreaking ceremony.

It is estimated that 14 investors have registered to build apartment blocks for 17 low-income housing projects covering a total area of 118 hectares in HCMC, according to the city’s construction department.

The government has this year offered several incentives for investment in affordable housing projects, including corporate income tax exemption for the first four years and a 12.5 percent rate for the next five, compared to the normal rate of 25 percent.

Phuong Thanh

thanhnien

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