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Authorities of the central coast city of Danang are mulling a plan to build 7,000 apartments for low-income families in the city from now to 2010.

The city says it will spend VND1.7 trillion developing five to seven floor buildings including essential infrastructure. The developer said each VND200 million unit will be between 50 and 70 square meters.

According to the program, qualified buyers include dislocated families, state employees, industrial park workers, students and people who have made past contributions to the country.

The program calls for 25% down payments, 13 year financing at 2.9% per year and restricts reselling and leasing. Certificates of ownership will be forthcoming upon final payment.

As an incentive for developers, the Government will exempt land use tax, value added tax and income tax, with the last for the first four years. Developers will get a 50% reduction in income tax for the following five years.

By Phong Van - The Saigon Times

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