A “Sleeping Giant” Social Housing Project in Thanh Hoa City

Imagine a social housing project that has been in the works for over 17 years and still hasn’t been completed. This is the story of the social housing project in Quang Thanh Ward, Thanh Hoa City, Vietnam.

A Brief History

Back in 2010, the provincial People’s Committee of Thanh Hoa approved the construction of a student housing complex on a 2.5-hectare land. The project, managed by the Thanh Hoa Department of Construction, was estimated to cost about 600 billion VND (approximately 26 million USD) and consisted of three 15-storey buildings. However, after the completion of only one building, the project came to a halt in 2011 due to insufficient funds.

In an effort to revive the project, the provincial People’s Committee decided in 2016 to convert it into a social housing project for low-income individuals. The new investor, Hop Luc Infrastructure and Construction Investment Company Limited, revised the project plan to include 900 social housing units and 60 commercial housing units, with a total estimated investment of over 450 billion VND (about 19.5 million USD).

Challenges and Delays

Unfortunately, history repeated itself, and the project faced further delays. After completing the construction of the first 16-storey building, the project once again came to a standstill. Several factors contributed to the slow progress, including issues with land clearance and the relocation of high-voltage power lines. These setbacks have affected the pace of the project, including the development of necessary infrastructure such as water supply and roads.

According to the Thanh Hoa Department of Construction, the province is expected to complete the land handover to the investor by 2023. However, there are still regulatory and procedural hurdles to overcome before the project can resume.

Read more:  Retail Real Estate: A Strong Outlook and Underinvestment, says Nuveen's Carly Tripp

A Visual Perspective

Now, let’s take a visual tour of the “sleeping giant” social housing project in Thanh Hoa City:

Project 1
The social housing project still awaiting completion after 17 years.

Project 2
One of the completed buildings of the project, left unfinished for many years.

Project 3
The partially completed interior of one of the buildings.

Project 4
Another angle of the interior, showing the basic completion of the structure.

Project 5
Various construction equipment scattered throughout the project site.

Project 6
The impact of weather conditions on the equipment, causing rust and deterioration.

Project 7
An overview of the project site, showing various unfinished sections.

Despite its challenges, the social housing project in Thanh Hoa City remains a symbol of resilience and determination. Hopefully, with the necessary support and resources, this project will soon be completed, providing much-needed affordable housing for the local community.

For more finance and economics-related articles, visit Business Today.