Former HCMC University of Technology Lecturer Enters Bidding War for 3,790 Thu Thiem Resettlement Units, Directly Competing with SonKim Land and Sunshine Group

According to the Ho Chi Minh City People’s Committee Office, Bcons Real Estate JSC (Bcons Land) has submitted a document expressing interest in the auction plan for 3,790 apartments across lots R1, R2, R3, R4, and R5 in the Thu Thiem New Urban Area, An Khanh Ward.

Similarly, Sunshine Group and Son Kim Real Estate JSC (Son Kim Land) recently sent proposals to the Ho Chi Minh City People’s Committee regarding their participation in the auction and suggested plans for utilizing these resettlement apartments in Thu Thiem.

The cluster of 3,790 units in lots R1 to R5 was completed in 2015 but has been abandoned for nearly a decade. Many project components are now damaged and unusable. Despite being unoccupied, the city spends tens of billions of VND annually on maintenance and management fees.

Previously, Ho Chi Minh City attempted to auction these resettlement apartments four times simultaneously. However, the large scale attracted only financially robust investors, leading to low competition and unsuccessful auctions.

The high starting price—initially 8.8 trillion VND, then 9.1 trillion VND, and later 9.9 trillion VND—combined with the deteriorating project quality, discouraged interest. In March, the city approved converting these units into commercial housing to attract buyers.

In Vietnam’s real estate landscape, Bcons Land has rapidly gained prominence, especially in areas bordering Ho Chi Minh City. The company focuses on affordable housing and integrated development, from design to construction.

Behind Bcons Land is Mr. Le Nhu Thach, Chairman of Bcons Group, whose background sets him apart from other real estate tycoons. A graduate of Ho Chi Minh City University of Technology, he taught there before entering business.

Starting with a design and construction consulting firm, Mr. Thach gradually built the Bcons enterprise system, expanding into multiple sectors, with real estate as its core.

While many developers pursue luxury projects, Bcons Land focuses on mid-range, affordable housing—a contrarian approach.

Bcons Land’s land bank is concentrated in Di An, Binh Duong, a key expansion area just a few kilometers from Ho Chi Minh City. The region benefits from convenient connectivity via national highways, ring roads, and upcoming metro lines.