HCMC – HCMC is working to auction off 61 land lots in the Thu Thiem new urban area in District 2, it was announced at a conference on the city’s socioeconomic performance in the first half of 2020 on July 23.
Nguyen The Minh, head of the Thu Thiem new urban area investment and management board, stated that the city government has assigned the Land Fund Development Center under the HCMC Department of Natural Resources and Environment to prepare the auction plan for four land lots in functional zone No. 3. The department is evaluating the starting prices.
Proceeds from the auction will be used to pay VND2,873 billion in debt, site clearance compensation, infrastructure construction costs and advance payment from the city’s budget.
According to the auction plan that was approved by the city government in May, only real estate companies are allowed to participate in the auction. They will have to deposit 20% of the starting prices.
Speaking with The Saigon Times, Minh said the city has also assigned the Land Fund Development Center to prepare the auction plan for 3,700 resettlement apartments in the Thu Thiem new urban area. The city expects to finalize the starting prices this month.