Recently, from readers' feedback, Lao Dong Newspaper published an article: A series of projects behind schedule in Bac Ninh: Waiting wearily for social housing.
According to the sales contract, the expected time for the Sao Hong social housing investor to hand over the apartments to customers was in the first quarter of 2021, but it has been 4 years with 11 delays in handover, hundreds of customers who are workers and low-income people have not received their houses.
On February 5, the Department of Construction of Bac Ninh issued an official dispatch urging the investor of Sao Hong Social Housing Project to complete the project soon. Previously, the Department had also issued many official dispatches urging the investor of this project.
On February 7, the People's Committee of Bac Ninh province issued an official dispatch on inspecting, urging progress, and handling social housing projects that are slow to implement and hand over to home buyers.
On February 10, Sao Hong Construction Investment and Trading Joint Stock Company - the project investor, sent an official dispatch to the Department of Construction of Bac Ninh province to clarify the reflection of Lao Dong Newspaper.
According to the investor's report, the Sao Hong social housing project has basically completed 90% of the items, specifically as follows:
Regarding the reason for the delay in handover, the investor said that the project was suspended due to the impact of the COVID-19 pandemic. In addition, due to the credit restriction policy of banks on lending to the construction and real estate sectors, from 2022 to present, Sao Hong Company has stopped disbursing, leading to no cash flow to implement the project.
The project is behind schedule, customers who have signed to buy apartments have stopped paying so the company has no revenue.
At the same time, the Company is restructuring its shareholders and board of directors to raise capital to implement the project. However, due to the economic recession and credit restriction policies, capital mobilization is difficult. The cost of materials and labor has increased dramatically compared to the original estimate, causing difficulties for the business.
"We commit to completing the remaining unfinished items and handing over the 11-storey block of Sao Hong project by March 31, 2025," said the investor of Sao Hong social housing project.
Bac Ninh is the leading locality in the country in developing social housing, and is considered by the Prime Minister as a model to be replicated nationwide.
Most of Bac Ninh's social housing projects are very successful, contributing significantly to social security for workers and low-income earners.
This locality is focusing on investing in completing a synchronous and modern infrastructure system, striving to meet the criteria of a type I urban area by the end of 2025 and become a centrally-run city by the end of 2026.
