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HCMC to put up nearly 3,800 apartments for auction

The Saigon Times

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HCMC – HCMC authorities are working out auction plans for land plots and 3,790 apartments in the Thu Thiem new urban area after their auctions failed for three consecutive times.

A working session, with the participation of HCMC Vice Chairman Bui Xuan Cuong, discussed a detailed plan for the auction of the Binh Khanh resettlement apartments this afternoon, February 28.

The 86-hectare Binh Khanh resettlement area was developed to accommodate residents affected by the execution of the Thu Thiem new urban area project. With 12,280 apartment units, this is the city’s largest resettlement area so far.

Among 80% of completed apartments, some 3,000 have been allocated by Thu Duc City for residents to resettle.

Some 3,790 other apartments, which are no longer used for resettlement purposes, will be auctioned as approved by the Prime Minister and the Ministry of Construction.

HCMC has assigned the Land Fund Development Center under the management of the HCMC Department of Natural Resources and Environment to prepare for the auctions of the land plots and 3,790 apartments.

Their starting prices have not yet been announced.

The 3,790 apartments were first put up for auction in 2017 with a starting price of VND8,800 billion, the second time in 2018 at VND9,100 billion and the third time in 2021 at VND9,900 billion.

The auctions were not successful due to the city’s regulations on deposit, payment method and sales package, limiting participants in the auctions.

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