Amidst the challenges facing Vietnam’s real estate market, TTC Land (stock code: SCR) remains steadfast in its mission to provide sustainable housing solutions for low-income individuals. The implementation and completion of the Jamona Apartment Social Housing project not only reaffirm the company's pioneering role but also demonstrate its strong sense of social responsibility, despite significant financial challenges.
The Jamona Apartment social housing (NƠXH) project, developed and invested in by TTC Land, is located on Đào Trí Street (District 7, Ho Chi Minh City) and is one of the largest social housing projects in South Saigon.
According to the Ministry of Construction, by 2024, Vietnam had completed only 21,000 social housing (NƠXH) units, achieving just 16% of the target. Across the country, 644 social housing projects are in progress, with a total scale of 580,109 apartments. However, only 96 projects have been completed, while 415 remain unstarted. This highlights the ongoing shortage of social housing supply, failing to meet the high demand from low-income residents. Hundreds of projects remain on paper due to complex administrative procedures, inefficient land allocation, and particularly the low-profit margin (capped at 10%), which discourages businesses from investing.
Through perseverance and dedication, TTC Land has not only overcome these challenges but has also become one of the few companies to successfully bring social housing projects into operation, providing a stable home for residents.
The most prominent proof of this commitment is the Jamona Apartment project—one of the 96 completed and operational social housing projects nationwide. Located within the 10.6-hectare high-end urban area of Jamona City, Jamona Apartment consists of two blocks with over 1,000 units, making it the largest social housing project in South Saigon. This reflects TTC Land’s efforts to increase essential housing supply while ensuring quality, convenience, and security for residents.
Developing a social housing project is not just a construction challenge—it is also a long-term financial commitment. During the development of Jamona Apartment, TTC Land faced prolonged implementation timelines, requiring significant capital investment over several years while dealing with loan interest pressures, fluctuating material costs, and rising labor expenses.
Notably, under current regulations, it takes about five years to issue land title certificates (sổ hồng) for social housing. This means that developers like TTC Land can only recognize revenue and account for costs in financial reports once all legal procedures are completed. As a result, revenue and expenses are recorded inconsistently across different years, leading to short-term gross losses despite the company's actual growth in value and social contributions. This is the "paper loss, real gain" situation that many social housing developers face.
TTC Land views social housing investment not just as a business strategy but as part of its ESG commitment—responsibility to the community and sustainable development. Jamona Apartment not only provides housing for low-income residents but is also designed for energy efficiency and optimized green space, reducing environmental impact. Notably, it is the first social housing project in Vietnam to integrate a solar energy system and landscape lake.
More importantly, TTC Land’s commitment to financial transparency and its willingness to tackle challenges to create real social value is a clear testament to the sustainable vision it upholds.
The Jamona Apartment social housing units are meticulously invested in and developed with high quality by TTC Land.
Despite facing significant challenges, TTC Land remains steadfast in its belief that with policy adjustments from the Government—especially with various mechanisms proposed to remove bottlenecks at recent nationwide conferences on addressing obstacles and promoting social housing (NƠXH) development—social housing will gradually become an attractive segment. This will help solve the housing affordability issue, allowing millions of people to own homes at reasonable costs. Social housing is not only a solution for low-income individuals but also a crucial component of each nation's sustainable development strategy.
Expanding and improving the quality of social housing will contribute to creating a fair society where everyone has the right to live in a safe and comfortable home. Jamona Apartment serves as a pioneering step for TTC Land in further advancing its sustainable housing development strategy—not just for corporate benefits, but for the overall growth of the community and society.
According to Green Economy Business.