Ho Chi Minh City to auction land in Thu Thiem New Urban Area
Ho Chi Minh City to auction land in Thu Thiem New Urban Area
Ho Chi Minh City People's Committee announced a plan to hold auctions for land plots in Thu Thiem New Urban Area on September 9.
The plan is designed to kick-start the real estate market and increase budget revenue in the city's new business hub.
During 2025-2026, Ho Chi Minh City People's Committee will auction more than a dozen plots of land, including four "golden" plots that were rejected by auction winners in 2021.
Lots 1-3 cover 5,000 square metres, and will be used for multi-functional residential planning.
Lots 3-5 cover 6,400sq.m for mixed-use apartments with a combination of commercial and service functions.
Four plots of land were successfully auctioned by businesses for more than VND37.3 billion ($1.55 billion) at the end of 2021, with plots 3-12 fetching up to VND2.43 billion ($101,200) per sq.m. However, the businesses that won the auctions dropped their deposits and did not sign land purchase contracts. The total deposit amount for the four plots was VND1 million ($4.3 million).
In phase two (2025-2026), Ho Chi Minh City People's Committee will auction a further eight plots.
Vo Van Hoan, Vice Chairman of Ho Chi Minh City People's Committee, said that to avoid the situation that occurred in 2021, bidders must be thoroughly vetted.
“We have set clear criteria to select and screen investors who have the necessary capacity, conditions, and drive,” Hoan said.
At the time of the auction in 2021, Viet Star Real Estate Investment Co., Ltd. (belonging to Tan Hoang Minh Group) won the auction for lots 3-12 at a price of VND24.5 trillion (more than $1 billion).
Binh Minh Trading and Development Investment Co., Ltd. won the auction for plots 3-9 at a price of VND5 trillion ($208 million). Sheen Mega JSC won the auction for plots 3-8 at a price of VND4 trillion ($166,000), while Dream Republic JSC won the auction for plots 3-5 for VND3.8 trillion ($159 million).
