On the morning of August 29, the groundbreaking ceremony for the Vinh Hung social housing project took place at 321 Vinh Hung, Vinh Hung Ward, Hanoi.
The project investor is Hoa Binh Ltd. Co., a company chaired by Mr. Nguyen Huu Duong (“Beer Duong”) in collaboration with Vinh Hung Real Estate Trading and Investment JSC.
The project covers an area of approximately 4,516 square meters, with a total investment of VND 1,183.4 billion. The investor’s equity accounts for VND 256.7 billion, or 21.69% of the total investment, while the rest is borrowed and raised from other sources. The 31-story Vinh Hung social housing building will provide 577 apartments, accommodating around 1,154 people.
Mr. Nguyen Huu Duong, Chairman of Hoa Binh Group, at the groundbreaking ceremony for the Vinh Hung social housing project.
This social housing project has also attracted attention for its use of Toto sanitary ware with gold-plated faucets. Mr. Duong mentioned that they had exhibited and announced the social housing model with Toto gold-plated faucets four years ago, but only recently received construction permits. He emphasized that no other social housing project in the country offers sanitary ware with gold-plated faucets from Toto.
“Hoa Binh’s social housing uses Mitsubishi elevators and Toto sanitary ware, which are the highest standards in commercial housing. The gold-plated faucets are my gift to the residents, and I don’t include them in the cost,” shared Mr. Duong.
The businessman also expressed his wish for the residents of Hoa Binh’s social housing to experience good health, happiness, and improved livelihoods, leading to higher incomes. He hopes that the residents will eventually accumulate real gold.
The sanitary ware at the Vinh Hung social housing project is Toto with gold-plated faucets.
Mr. Duong aims for this project to be of excellent quality, earthquake-resistant up to magnitude 8, soundproof, and with a long lifespan of 100 to 200 years. Furthermore, he wants this project to serve as a benchmark for other construction companies, and Hoa Binh is willing to transfer its knowledge and technology.
“Hoa Binh can build one floor in 60 hours, so we can complete 12 floors in a month. With 31 stories, we can finish the above-ground structure in three months if we work quickly. However, since the project includes three basement levels, the construction will take longer. If we didn’t have to build the basements, we could complete the project in six months,” Mr. Duong emphasized.
Currently, the approved price for social housing in Hanoi is around VND 20 million per square meter, while in Ho Chi Minh City, it is VND 25 million. Mr. Duong’s company is offering a lower price of VND 18 million per square meter as they had committed to the Hanoi government. If they were developing commercial housing, their profit could reach VND 3,000 to 4,000 billion. However, by choosing to build social housing, their expected profit is significantly lower, ranging from VND 100 to 200 billion, but it is still profitable.
The leader of Hoa Binh Group shared that constructing social housing is more challenging than commercial housing due to the fixed selling price set by the government. Despite the challenges, Hoa Binh is determined to pioneer in delivering social housing projects with better quality than commercial ones.
Moving forward, Hoa Binh Group has decided to focus solely on social housing development. They aim to be the first enterprise to voluntarily take on the mission of providing high-quality social housing with concrete walls, high-end fixtures, and amenities, while adhering to the approved prices set by each province and city.
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