HCMC – Around 3,790 resettlement condo units in the Thu Thiem New Urban Area, An Khanh Ward, HCMC will be put up for auction again and converted into commercial housing.
The auction will be divided into two lots: 2,220 units in blocks R1, R2, and R3; and 1,570 units in blocks R4 and R5.
The HCMC People’s Committee has requested that the auction process be carried out in sync with the construction progress of the Thu Thiem New Urban Area, aligned with the city’s socio-economic development plans.
The auction is also expected to resolve the long-standing backlog of the housing fund, help the city recover construction investment capital, and make effective use of the real estate resources in Thu Thiem.
Previously, these 3,790 apartments went through at least three unsuccessful auctions, as they were offered in large lots with starting prices set too high.
The apartments are part of the 12,500-unit Thu Thiem resettlement program, completed in 2015 but left vacant until now, leading to waste and deterioration, and forcing the city to spend tens of billions of Vietnamese dong on maintenance and management.
