Three parcels of land in the Thu Thiem New Urban Area in Ho Chi Minh City and associated properties will be put up for auction as the municipal authority has failed to sell a total of 2,220 unused resettlement apartments there.
The city’s vice-chairman Vo Van Hoan has approved in principle a plan to auction both the rights to land use and associated properties on three plots of land located in a 38.4-hectare area in Binh Khanh Ward of District 2.
The plots — R1, R2, and R3 — cover a total area of around 46,000 square meters and house 14 residential blocks with a total of 2,220 unused resettlement apartments and utility services.
Earlier, the municipal government had put the apartments up for sale but failed to find buyers.
The municipal Department of Construction said last year many residents who had their land cleared for the project opted to receive compensation money and look for homes elsewhere that better suit their needs, instead of moving into the resettlement apartments.
A number of municipal departments and agencies are tasked with the organization of the upcoming auction for the plots of land.
The Department of Natural Resources and Environment, together with relevant agencies, is responsible for offering guidance to the municipal Land Fund Development Center to hold the auction.
Meanwhile, the municipal Finance Department and Tax Office will work together to instruct the center and the chosen bidder on payment methods.
In 1996, then-Prime Minister Vo Van Kiet adopted a master plan to transform the Thu Thiem Peninsula on the eastern side of the Saigon River, across from District 1, into a 930-hectare modern urban area.
Under the 1:2,000 zoning scale approved by the municipal administration, the area encompasses the wards of An Khanh, An Loi Dong and Thu Thiem, and parts of Binh An and Binh Khanh Wards in District 2.
The area is poised to become the city’s future financial, commercial, and entertainment hub.