In 2024, Ho Chi Minh City plans to auction 19 "golden" land parcels

In 2024, Ho Chi Minh City plans to auction 19 "golden" land parcels, including 3 prime plots located in the newly developed Thu Thiem Urban Area. This initiative is aimed at increasing the city's financial revenue to support costs associated with compensation, assistance, and resettlement.

The first three plots scheduled for auction are 1-12, 1-3, and 3-5, all situated in Function Zone 1 of the Thu Thiem New Urban Area. Notably, plot 3-5 was previously auctioned successfully in November 2021 but was later abandoned by the winning bidder, Dream Republic Corporation. This plot is slated for re-auction and is expected to be completed before December 2, 2024.

The other two plots, 1-2 and 1-3, are also planned to be auctioned before November 5, 2024. Plot 1-2 covers an area of 7,886.7 square meters and plot 1-3 spans 5,006.6 square meters. Both are designated for multi-functional residential use, accommodating both commercial and residential purposes.

According to the Ho Chi Minh City Department of Natural Resources and Environment, the remaining 16 plots from the 19-plot plan will be detailed in an auction schedule for 2026. Four plots in Function Zone 01 (labeled 1-5, 1-6, 1-9, 1-10) are expected to be auctioned before April 2026; three plots in Function Zone 03 (labeled 3-8, 3-9, 3-12) are anticipated before May 2026; and the plot 7-1, planned for an international standard resort hotel, is projected to be auctioned before March 2026.

To ensure transparency and efficiency in the auction process, Ho Chi Minh City has meticulously prepared for these auctions, including the completion of legal documentation and the selection of auction organizations. Additionally, the city is revising its auction strategies to attract the most capable and potential investors.

According to Đỗ Thị Thu Giang, Director of Consulting Services at Savills Vietnam, selecting investors for the auction is crucial. Criteria for selection include business experience, corporate capital, and project development potential on the auctioned land. Additionally, the starting prices for these plots will be determined based on the surplus method, ensuring alignment with development costs and market potential.

These auctions are expected not only to provide significant revenue for the city’s budget but also to spur economic development, improve infrastructure, and enhance the quality of life for the residents of Ho Chi Minh City.

For more information about real estate projects in Ho Chi Minh City and neighboring provinces, please contact FTT LAND!

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