HCMC – HCMC has postponed an auction of three land lots in the Thu Thiem New Urban Area to early December 2025, instead of the second quarter as initially planned.
Huynh Thai Ngoc, deputy director of the Land Development Center under the Department of Natural Resources and Environment, provided the update at a press conference on June 5, according to the Vietnam News Agency.
The delay is intended to allow more time for preparation and to ensure the feasibility and effectiveness of the auction, Ngoc said.
In February, Nguyen Toan Thang, director of the Department of Natural Resources and Environment, announced that the city planned to auction more than 10 land lots in Thu Thiem, with priority given to three lots 1-2, 1-3, and 3-5, located in functional zones 1 and 3.
Authorities have approved the auction plan and investment policy decision. Remaining procedures are being expedited to organize the auction in early December.
As a new land price list is applied under the 2024 Land Law, the starting prices for the three land lots are expected to exceed VND5 trillion.
Lot 1-2, covering nearly 7,900 square meters, and Lot 1-3, over 5,000 square meters, are designated for multi-functional residential use. Lot 3-5, spanning more than 6,400 square meters, is planned for mixed-use apartment and commercial development.
Notably, Lot 3-5 was previously auctioned to Dream Republic in December 2021 for VND3.82 trillion, 6.6 times higher than the reserve price. However, the result was later canceled as the company failed to fulfill its financial obligations.
The city is preparing to auction 3,790 apartments located in lots R1 to R5 in the 38.4-hectare area of An Khanh Ward, Thu Thiem New Urban Area, Thu Duc City.
