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Wednesday, July 6, 2022

Land use cost for winners of Thu Thiem land auctions announced

The Saigon Times

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HCMC – Four enterprises that won the auctions of four land lots in the Thu Thiem New Urban Area in HCMC’s Thu Duc City on December 10 last year owed a total land use entitlement cost of nearly VND37.4 trillion and a registration fee of VND1.5 billion, according to the HCMC Tax Department.

The department has issued an announcement on the cost, the local media reported.

Accordingly, Dream Republic Corporation, which won the auction for the 3-5 land lot with an area of some 6,400 square meters, owed a land use cost of VND3.82 trillion and a registration fee of VND500 million.

Sheen Mega JSC, which won the auction for the 8,600-square-meter 3-8 land lot, is subject to a land use cost of VND4 trillion, but was exempted from the registration fee.

Binh Minh Investment Development and Trading Co., Ltd and Viet Star Real Estate Investment Co., Ltd, which are now the owners of the 3-9 and 3-12 land lots with a respective area of over 5,000 and 10,000 square meters, were told to pay a land use cost of more than VND5 trillion and VND24.5 trillion, respectively.

The two companies were also asked to pay a registration fee of VND500 million each.

The enterprises must complete the payment of the registration fee and half of the land use cost no more than 30 days since the announcement. The remaining land use cost will be submitted within 90 days of the announcement.

The auction winners can use the land lots for 50 years since December 31, 2021, when the HCMC government issued a decision recognizing the auction results.

Earlier, HCMC Chairman Phan Van Mai had confirmed that the auctions of land lots in the Thu Thiem New Urban Area were transparent but could not be termed as successful until the next six months.

The auctions have stirred up controversies, including that they have driven up the land prices. The city has reported all the issues relating to the auctions to the Government.

At a recent session of the National Assembly, Minister of Finance Ho Duc Phoc said the auctions had disturbed the market.

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