In the southern provinces, new social housing projects are emerging. However, the asking price of 25 to over 30 million VND/m2 is considered too high, even equal to the price of commercial housing projects currently trading in the area.
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| New Lavida Di An social housing project has the lowest selling price of over 25 million VND/m2 |
Paradox of social housing prices
Since September, in Di An City (Binh Duong Province), Le Phong Group has been vigorously launching the Tan Dong Hiep Social Housing Project (commercial name New Lavida Di An). The project is built on a total planned land area of 10,320 m2, with 2 blocks (Block A has 308 apartments, including 200 social housing units, 108 commercial housing units; Block B has 565 social housing units, area 30 - 64 m2).
Posing as a customer in need of buying social housing in this project, the reporter was introduced by a broker named Diep as belonging to Danh Khoi Real Estate Services Joint Stock Company (DKRS), the exclusive distributor. The selling price of a 30 m2 apartment is nearly 26 million VND/m2, or 768 million VND/unit. The selling price of a 57 m2 two-bedroom apartment is nearly 1.5 billion VND/unit.
According to the broker, customers buying this social housing project will pay a deposit of 30 million VND, then, in the next 10-20 days, will sign a house deposit contract and pay 10% of the product value; 30 days later, pay an additional 10% of the value; after another 30 days, pay 10% of the apartment value and sign a sales contract.
According to a broker named Diep, those eligible to buy a house must be working in Binh Duong province, not own any real estate in Binh Duong province, and have an income of less than 15 million VND/month for single people and less than 30 million VND/month for people with families.
However, when asked about the price of the project called TT AVIO located next to this social housing project, an employee named Diep said that the project is also exclusively distributed by DKRS, with a selling price of about 29 million VND/m2.
A project about 1 km away called Phu Dong Sky One has prices starting from VND30.5 million/m2.
Meanwhile, in Di An City, many commercial apartments of Bcons Group have the lowest selling price of 24 million VND/m2 and can be moved in immediately.
In Ho Chi Minh City, the Thu Thiem Green House social housing project invested by Thu Thiem Group Investment Joint Stock Company is being opened for sale. According to the advertisement, the lowest selling price of this project is 25 million VND/m2, excluding VAT. This price is considered quite high, even equal to the price of many commercial housing projects handed over before.
Control prices, but prices are still too high
Mr. Nguyen Hoang, an independent real estate expert, said that the State has clear regulations on controlling social housing prices for private enterprises participating in developing social housing projects.
According to current law, the Project investor is authorized to determine the price of social housing based on actual construction costs, without an effective inspection and monitoring mechanism. Therefore, it is not certain that the price of social housing will be determined according to the prescribed formula. The supervisory agency needs to play an important role in checking the calculation of social housing prices for rent-to-purchase, to avoid the situation where the price of social housing is not different from that of commercial housing in circulation on the market, which does not receive financial support from the State. 
– Mr. Vo Van Ngoc, General Director of Tay Land Real Estate Company
According to Decree No. 100/2015/ND-CP, the profits of investors when developing social housing are limited. Specifically, the maximum profit from developing and selling social housing must not exceed 10% of the total investment of the project. This is to avoid speculation and ensure that social housing prices are not pushed up too high. In addition, the selling price is also determined based on actual costs. The selling price of social housing is determined based on the total actual construction cost of the project, including land costs (if any), construction costs and related costs. Investors must calculate and submit the selling price to the competent authority for approval.
“In addition, to reduce pressure on social housing prices, the State has support policies such as exemptions and reductions in land use fees, value-added tax and corporate income tax for investors participating in social housing development,” said Mr. Hoang.
However, this expert said that there are currently many shortcomings. Specifically, the input construction price for social housing is currently about 13.5 million VND/m2. This shows that the price of social housing is being pushed up too much.
Mr. Vo Van Ngoc, General Director of Tay Land Real Estate Company, said that the current social housing price is controlled through the price commitment of the social housing construction investor. When receiving financial support from the State such as tax, land, credit incentives, the investor must commit to the rental purchase price to satisfy two conditions: the selling price is not higher than the market price and the profit rate must not exceed 10%. However, the cost declaration is provided by the investor, so it is very difficult to control the actual cost that the investor has spent on the social housing project.
In order to reduce the financial burden of housing for low-income people, the 2014 Housing Law previously stipulated that investors were not allowed to include State incentives in social housing prices. However, the lack of strict control over investment capital prices led to the separation of State incentives from social housing prices, making it difficult to control. This has led to the current situation where social housing prices in our country are still high and far beyond the affordability of people. This is the biggest barrier to access to social housing for people with limited financial resources.
Source: https://baodautu.vn/batdongsan/nha-o-xa-hoi-nhung-gia-nhu-nha-thuong-mai-d228678.html
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