The Economic Zone Management Board of central Ha Tinh province has approved the investment policy for construction of a new urban area, with an estimated investment capital of nearly VND7.8 trillion ($297 million).

The project will cover over 84ha in Ky Trinh commune, Ky Anh town.

As planned, some 2,595 four-storey commercial houses will be built with a total area of over 971,000 sq.m.

Meanwhile, over 57,400 sq.m will be allocated for the construction of 10-storey social housing buildings with a total floor area of nearly 80,000 sq.m.

The project is scheduled to be implemented in five years, starting from the time when the investors are selected. The first two years will focus on site clearance and completing legal procedures, while the last three years will focus on construction.

The project is expected to help meeting increasing housing demand for local people and workers in Ky Anh town, which is home to many industrial parks and seaports such as Vung Ang Economic Zone and Son Duong port.