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Ho Chi Minh City
Wednesday, July 28, 2021

HoREA calls on firms to develop low-cost housing projects

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HCMC – The HCMC Real Estate Association (HoREA) has called on local real estate enterprises to develop commercial housing projects for medium- and low-income earners and social housing projects due to a severe shortage of such products in the city.

According to HoREA’s report on the real estate market in 2020, the market was basically stable as it was not frozen and saw no bubbles. However, it continued to see a shortage of housing projects, especially affordable and low-cost commercial apartments as well as social apartments.

In reality, high-end apartments made up a staggering 70% of the total last year; mid-end apartments, a quarter and low-cost ones, only 1%, which could affect the sustainable and stable development of the market.

Therefore, HoREA Chairman Le Hoang Chau asked property firms to increase investment in affordable and low-cost commercial and social housing projects. Despite low profits, these projects have high liquidity and low risks.

Thereby, firms can help the State offer apartments for medium- and low-income earners, workers, students and those from other localities.

HoREA also called on enterprises to invest in the city’s key projects, such as those to develop Thu Duc City and the Thu Thiem New Urban Area, to rebuild old apartment buildings and to relocate makeshift houses along canals.

The association also expected enterprises to closely coordinate with the competent agencies to control housing prices to prevent a virtual increase in housing prices this year.

They should also accelerate their digital transformation, build platforms, and apply Blockchain, Artificial Intelligence and Big Data technologies as well as the Building Information Management model.

Moreover, they were asked to ensure legal, financial and internal safety while building their organizations, human resources and investment, construction and business.

By V.Dung

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