Authorities in the northern port city of Hai Phong have approved the investment policy for a new social housing project in Hai Duong Ward, with total investment capital estimated at more than VND1.13 trillion ($43.1 million).
The project will be developed by Nam Do Real Estate Development Investment JSC and Phu Xuyen Industrial Development Investment Co., Ltd. The investors will contribute VND222.6 billion ($8.5 million) in equity, accounting for 20% of the total capital, while the remainder will be mobilised through loans and other legal funding sources.
Covering an area of over 10,789 square metres, the project will comprise two 21-storey buildings providing a total of 924 apartments.
Under the approved investment policy, construction is expected to be completed within 36 months from the date the land is handed over to the investors. The project will have an operational term of 50 years from the date of land allocation, lease, or change in land-use purpose.
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