Golden land plot in Thu Thiem to be auctioned off in September

Golden land plot in Thu Thiem to be auctioned off in September

A more than 6,440 square metre land plot in Thu Thiem New Urban Area will be put up for auction by Ho Chi Minh City People’s Committee in September, with a starting price of around $72.8 million.

Photo: Le Toan

The land plot is located in Thu Thiem New Urban Area in An Khanh ward, and is zoned for mixed residential and service use, with residential functions accounting for 95 per cent and services for the remainder.

Under the planning regulations, the project on the site may comprise up to six storeys, with a maximum height of 24m and a maximum population of just over 600 people.

Under the plan, the state will allocate the land in return for land-use fees through an auction of land-use rights. The land-use term will be 50 years, starting from the date Ho Chi Minh City People’s Committee issues the land allocation decision to the auction winner.

Auction participants must pay a deposit in accordance with the law on asset auctions. The winning bidder must pay the auctioned amount within the deadline for paying land-use fees stipulated under tax administration regulations.

Participating organisations must meet the requirements set out under laws on land, asset auctions, housing and real estate business.

For groups comprising economic corporations, parent companies and subsidiaries, the companies within the group must agree to designate one company to participate in the land-use rights auction. Participants must also pay the required deposit and must not fall under any category prohibited from participating in auctions.

Individuals may participate in the auction in accordance with regulations. Where the auction is held for the implementation of an investment project, an individual must commit to establishing an economic organisation that meets the relevant legal requirements.

Earlier in August, Ho Chi Minh City People’s Committee issued a decision on a plan to auction eight land plots in Thu Thiem, with a combined area of more than 138,000 sq.m. The plots comprise service land, commercial and service land, mixed residential and service land, and residential land.

At a July socioeconomic meeting, Nguyen Toan Thang, director of Ho Chi Minh City Department of Agriculture and Environment, said the department plans to organise two rounds of land auctions in two months. The first is scheduled for September, involving five land plots, while the remaining plots are expected to be auctioned in October.

According to Thang, completing the auctions by October will leave time in the final two months of the year to address any cases requiring adjustments.

In 2026 overall, Ho Chi Minh City aims to auction 50 land plots and sites, which are expected to generate approximately $3.7 billion in revenues. Accelerating procedures for auctioning public land is seen by the city as a key measure to boost budget revenues and support its socioeconomic development goals.

VIR