HCMC – The HCMC Department of Natural Resources and Environment has proposed auctioning dozens of land plots and a staggering 3,790 apartment units in Thu Thiem New Urban Area, just opposite to the central business district.
The land plots up for auction include two plots in functional area 1 (labeled 1-2 and 1-3) and plot 3-5 in functional area 3.
These plots are independent, vacant, and equipped with complete technical infrastructure. Some of them are awaiting investment approval, prompting the need for early auctions to generate revenue for the city’s economic and social development.
Functional Area 1 serves as a commercial and service center, hosting exclusive projects such as exhibition centers, museums, and an opera house. Functional Area 3 focuses on residential and commercial spaces, with plans to become the second-largest residential community in Thu Thiem.
Once the initial land plots are auctioned successfully, the department plans to continue with auctions for seven additional plots. These include plots in functional areas 1, 3, and 7.
Regarding the complex sports and entertainment area 2C, adjustments to planning may be necessary to suit auction or bidding options. Plots 1-12 and 1-20 require completion of land clearance compensation before being included in the auction plan.
To facilitate the auction of 3,790 apartment units located in different land plots, the department has proposed measures such as assigning the appropriate authority for decision-making, defining procedural steps, converting the purpose of the apartments from resettlement to commercial use, and establishing state ownership for shared amenities.
In a previous auction on December 10, 2021, four land plots were auctioned, generating over VND37 trillion. However, the winning bidders failed to pay the land use fees as required.
