HCMC – HCMC plans to raise about VND120 trillion from land development near metro stations, a city department said in a new proposal.
The Department of Agriculture and Environment submitted a plan to use land along metro lines under a transit-oriented development (TOD) model. The move aims to mobilize funding for infrastructure and urban development, reported the local media.
The proposal identifies 22 state-managed plots covering over 290 hectares near metro lines. These include 62.8 hectares near Metro Line 1 in Thu Duc City, 28 hectares near Metro Line 2 in Tan Phu and Tan Binh districts, and 200 hectares near the extended Metro Line 1 in Binh Chanh District.
Three large areas currently used by residents were also listed. They include 314 hectares at Tan Kien Station on Metro Line 3A, 14.2 hectares at Thanh Xuan Station on Metro Line 4, and 29 hectares at Da Phuoc Station on Metro Line 5.
Land managed by the state could bring in VND76 trillion, while resident-used land may generate VND76.6 trillion. The city expects compensation and resettlement costs to total VND32.2 trillion. After expenses, the city could net around VND120 trillion.
Separately, the city is managing over 140 land lots totaling 105 hectares through the Land Development Center. Of these, 10 plots are planned for making payments for investors of build-transfer projects, six for auction, and others for surveying or relocation.
The city currently spends around VND2 billion annually on security for vacant lots. It has proposed short-term leases for unused land under the new Land Law to reduce costs and increase revenue.
Authorities estimate the new approach could generate VND55.4 billion in annual revenue and save VND9.3 billion in operating costs.
