HCM CITY — Authorities in HCM City are seeking investors for a social housing project covering about 4.7 hectares in Rạch Dừa Ward as part of efforts to expand the supply of affordable homes.

According to the city’s Department of Construction, the project is expected to provide around 2,295 social housing units, accommodating roughly 4,590 residents.

Total investment is estimated at VNĐ2.7 trillion (US$104.1 million), excluding compensation, support and resettlement costs.

The site is the largest among eight land plots the city has announced this year for social housing development and investor selection.

Under the proposed plan, the complex will include three 16-storey apartment buildings, a five-storey parking facility and a three-storey cultural and community centre, along with green spaces, playgrounds and other supporting amenities.

The project’s construction footprint will cover about 14,498sq.m, while the total floor area is projected to exceed 192,500sq.m, including about 176,600sq.m designated for residential buildings.

The land has already been cleared using budget funds previously allocated by the former Bà Rịa-Vũng Tàu Province, which has since been merged into HCM City.

The project will operate for 50 years from the date of land allocation or lease. Construction is expected to take 29 months after the investor selection results are approved.

Under the proposed timeline, the first four months will be spent completing land allocation procedures and investment approvals, followed by construction from the fifth to the 29th month.

The Department of Construction will accept investor registration dossiers until April 10.

The initiative is part of HCM City’s broader push to accelerate social housing development amid rising demand for affordable housing.

Under national targets for the 2026-30 period, HCM City has been assigned the country’s largest social housing construction quota, with 28,500 units planned for 2026 and nearly 182,000 units over the following four years.

From 2028 to 2030, the city is expected to build about 38,200 units annually to meet the targets.

A report by the HCM City Institute for Development Studies estimates that more than one million residents in the city will need social housing by 2030.

Of this total, demand in the central HCM City area could reach about 859,000 people, while surrounding localities, including the former Bình Dương and Bà Rịa-Vũng Tàu provinces, now part of HCM City, account for more than 86,000 and around 69,000 potential buyers, respectively. — VNS