Urban experts say that there should be solutions to generate capital from many sources because renovation of old apartments can neither depend on private investors, expecting them to renovate and build new apartments nor depend on the state budget when so many old apartment buildings need to be renovated.
An old apartment building in HCMC (Photo: SGGP)
Urban experts made the statement at yesterday's scientific conference ‘Renovating old apartments in Ho Chi Minh City’ held by the HCMC Institute for Development Studies with the participation of many experts in urban field, architecture, construction and sociology.
According to statistics, Ho Chi Minh City has 474 apartments built before 1975. Most of the apartments are degraded and damaged because they have been built for more than 40 years; moreover, residents in these apartments built additional balconies affecting the building’s structure.
As of 2021, investors agreed to participate in the renovation of only two old apartments in Ho Chi Minh City but investors paid no heed to the city’s calling for the renovation of 13 other old apartments.