HÀ NỘI — Khánh Hòa Province has approved a major social housing project in Nha Trang designed to expand affordable accommodation for low-income residents, workers and labourers amid rising urbanisation.

Located at No.3 Phạm Phú Thứ Street in Nha Trang Ward, the development will provide around 3,200 social housing apartments, according to the provincial People’s Committee.

Covering nearly five hectares, the project has a total investment of more than VNĐ5.431 trillion and is expected to accommodate around 7,960 residents.

The project will be implemented by a consortium of Thu Do Investment and Trading JSC and Rapexco – Dai Nam One Member Co. Ltd. In addition to the social housing units, the development will include 780 commercial apartments with synchronised technical and social infrastructure.

Construction will take place in two phases. The first phase will focus on completing legal procedures and starting construction in the second quarter of 2026. The second phase will complete the project and bring it into operation between 2027 and the first quarter of 2029.

Local authorities said the project aims to meet growing housing demand among low-income residents, workers and labourers as the province’s urban areas continue to expand.

In recent years, Khánh Hòa has launched multiple social housing developments in Nha Trang and newly developed urban areas. However, supply has yet to match demand, particularly in locations with large numbers of workers and tourism-related services.

Officials expect the new project to increase the availability of affordable housing, support social welfare and provide more residents with suitable accommodation. It is also expected to promote more balanced growth in the property market by improving the supply of social housing alongside commercial developments.

The provincial People’s Committee has instructed investors to ensure the project remains on schedule and complies with regulations on planning, construction, environmental protection and infrastructure. Relevant departments and agencies have been tasked with providing guidance, monitoring progress and addressing obstacles during implementation to ensure the project is completed and operational.

Between 2025 and 2026, Khánh Hòa has promoted several social housing developments in urban areas including Bắc Nha Trang, Tây Nha Trang and Cam Lâm. Projects are being developed on land funds equivalent to 20 per cent of large urban, industrial and tourism developments, with each project typically ranging from several hundred to over 1,000 apartments aimed at workers, low-income households and service-sector employees. — VNS