At 7 pm, similar to many other apartment buildings, the lights came on in the commercial housing project for resettlement in Area X2. However, the light was dim and only a few apartments were lit across the three buildings, the rest remained shrouded in darkness.
The Area X2 commercial housing project was constructed under a special order for resettlement purposes. Accordingly, all 750 apartments in the project will be purchased by Hanoi.
According to a project official, since the acceptance stage in 2020, nearly five years have passed, and only 81 apartments have been sold. Of these, the CT1 building handed over the most with 58 apartments, followed by 13 in CT2 and 10 in CT3.
The rest of the hundreds of apartments remain vacant and dark.
The project is nestled among brightly lit apartment buildings. Photo: Hong Khanh |
Mr. D.’s family, residents of the CT1 building, was one of the first to move into the area about three years ago.
“At first, my family was hesitant due to the small number of residents. With only 1-2 occupied apartments per floor, we had concerns about daily life and security. However, we were provided with adequate services, and the electricity, water, and elevators were all functioning,” shared Mr. D.
As of now, there are six households on Mr. D.’s floor, making it one of the most populated floors in the project.
22nd floor now has 7 out of 10 households moved in. Photo: Hong Khanh |
In the late afternoon, the sound of piano music fills the lone occupied apartment on the 9th floor. While one side of the hallway is brightly lit, the other side is completely dark and silent.
This scene is not unique to the 9th floor, as many other floors across all three buildings have only 1-2 occupied apartments.
“Initially, I was worried about the emptiness of the area, but gradually I felt more reassured as security remained intact,” shared Ms. H., another resident.
Currently, residents’ cars are parked in the basement of the CT1 building. Although some ground-level spaces have been rented out and are operational, the lack of residents translates to limited amenities and services.
“Only when the population increases will this place truly become a residential area with complete amenities to support daily life,” Ms. H. added.
The contrasting scenes on the hallway with only 1-2 occupied apartments. Photo: Hong Khanh
|
According to VietNamNet’s observations, despite the project being nearly five years old and partially occupied, some areas are still fenced off.
The project official shared that the sparse population makes it challenging to operate the building. The minimum operating cost for one building is approximately 200 million VND per month. Even with only a few occupied apartments, electricity and water must be maintained, and the elevator systems need upkeep. After nearly five years, assets have depreciated, and the infrastructure is deteriorating, leading to waste.
What are the obstacles?
According to a report by the Hanoi Department of Construction, there are 14 projects for the construction of commercial housing for resettlement under a special order mechanism in the city.
As of August 2024, 4 out of 14 projects have been completed, meeting the conditions for use and signing contracts to purchase houses with investors.
The Area X2 commercial housing project area is deserted. Photo: Hong Khanh |
Apart from the Area X2 project, the Dong Hoi high-rise project in Dong Hoi, Dong Anh with 448 apartments has not sold any units.
In the C1 apartment building project at 289 Khuat Duy Tien, Trung Hoa, Cau Giay District, only 2 out of 74 apartments have been sold.
In the CT3 project in the new urban area of Nghia Do, Cau Giay District, 300 out of 392 apartments have been sold, and 244 have been handed over.
According to calculations by the Department, the expected amount needed to repurchase the housing fund in these four projects is VND 2,892 billion.
Last year, in a report sent to the Hanoi People’s Committee, the Department of Planning and Investment (now the Department of Finance) proposed arranging capital to purchase commercial housing for resettlement in the form of revolving capital.
It is expected that about VND 3,000 billion will be allocated in the investment plan for the 2021-2025 period (allocating capital sources through the Land Development Fund entrusted to the Hanoi Development Investment Fund) to implement the purchase of commercial housing for resettlement.
|
Many areas of the project are still fenced off. Photo: Hong Khanh |
However, according to this agency, after rearranging the funds in 2017, the Hanoi People’s Committee issued Decision No. 5440, entrusting the entire capital source and operation of the Land Development Fund to the Hanoi Development Investment Fund.
This decision was based only on the provisions of land law and did not take into account the provisions of the Housing Law. As a result, the subjects using the capital source of the Land Development Fund do not have the function and task of purchasing commercial housing for resettlement according to the Housing Law.
To arrange capital for the purchase of commercial housing for resettlement through the Land Development Fund (entrusted to the Hanoi Development Investment Fund), the Hanoi People’s Committee needs to issue a decision assigning additional tasks to the Land Development Fund. At the same time, it is necessary to supplement the subjects of capital use, clearly define the procedures for disbursement, payment, and settlement of counterpart funds from this Fund according to current regulations.
Based on this, the Department proposed that the Hanoi People’s Committee arrange capital through the Land Development Fund (entrusted to the Hanoi Development Investment Fund) to implement the purchase of commercial housing for resettlement.
The Department also reported that Hanoi has decided to stop implementing the pilot mechanism of ordering the construction of commercial housing to create a fund for resettlement in the area, according to the approval of the Government Standing Committee and the agreement of the Hanoi Party Committee.
Accordingly, the city will only consider buying back commercial housing for resettlement under the order mechanism for projects that signed contracts before June 9, 2023.
Hong Khanh
– 06:10 14/05/2025
The Capital’s Consensus: Hanoi Approves 148 Experimental Residential Sites Through Agreements
The Hanoi People’s Committee has given the green light to a real estate business to pilot a project within the city boundaries, as per Resolution No. 171/2024/QH15.
The Resolution 57 Portal Has “Welcomed” 426 Files of Product and Technology Solutions.
Over ten insightful ideas and initiatives, submitted by scientists, organizations, and individuals via the online portal, have been forwarded by the Ministry of Science and Technology to relevant authorities for further investigation and potential implementation.
The $3.1 Billion Highway Linking Bac Ninh’s First Airport to Hanoi: Unveiling the Mammoth Project
The construction of this airport and the connecting route to Hanoi’s city center will be a testament to the country’s ambitious growth, stature, and position in this new era.
The Capital’s Newest Artery: Hanoi Approves Route Extension to Nguyen Xien – Xa La
The new road, a much-needed addition to Hanoi’s infrastructure, will provide a vital link between the extended Chien Thang Street and Nguyen Xien – Xa La Street. Spanning across Thanh Liet and Tan Trieu communes in Thanh Tri District, this route promises to enhance connectivity and ease transportation woes for residents in the area.
The Capital’s Consensus: Hanoi Approves 148 Pilot Residential Land Project Sites Through Agreements.
The Hanoi People’s Committee has given the green light to a pilot real estate project within the city, as per Resolution No. 171/2024/QH15. This progressive move opens up exciting opportunities for the city’s real estate landscape, offering a glimpse into the future of urban development.
