HCMC – The HCMC government has approved a plan to auction 3,790 resettlement apartment units in the Thu Thiem New Urban Area after years of remaining unoccupied.
The municipal administration has endorsed a proposal to convert the apartments in Binh Khanh Ward, Thu Duc City, into commercial housing, according to local media reports. City officials have instructed relevant agencies to accelerate the auction process while ensuring legal compliance and minimizing financial losses.
The apartments, located in lots R1 to R5 of the Binh Khanh resettlement zone, were initially built as part of a 12,500-unit project designed to accommodate displaced residents. However, these units have remained vacant.
At least four previous auction attempts failed, reportedly due to high reserve prices and concerns over construction quality. The city has since reviewed the legal and regulatory aspects before proceeding with the latest auction plan.
Since the beginning of this year, the HCMC Department of Construction has submitted three official requests urging the city to move forward with the auction. While the apartments were originally part of a broader resettlement initiative, their prolonged vacancy has prompted officials to seek alternative solutions to optimize their use.
Authorities are now looking for investors to take over and repurpose the properties.
