As a leading enterprise in construction, real estate, finance, hospitality, tourism, and luxury resorts in Vietnam, the consortium of Sunshine Group Joint Stock Company and DIA Investment Joint Stock Company has officially submitted a proposal to participate in the auction of 3,790 apartments across plots R1, R2, R3, R4, and R5 in An Khánh Ward, Ho Chi Minh City.
Sunshine Group is a powerhouse in Vietnam’s real estate market, renowned for its landmark projects. From Ciputra in West Tay Ho (Hanoi) to developments spanning Quang Ninh, Thanh Hoa, Da Nang, Nha Trang, and Ho Chi Minh City, Sunshine Group has revitalized stalled projects, transforming them into iconic properties that deliver value to both communities and investors. Notable examples include Noble Crystal Tay Ho WorldHotels Residence, Noble Crystal Long Bien, Noble Crystal Riverside, and Sunshine Legend City.
Noble Crystal Tay Ho WorldHotels Residence, developed by Sunshine Group, has become a symbol of luxury real estate in West Tay Ho.
By bidding on the 3,790 apartments in An Khánh Ward, Sunshine Group aims to leverage its expertise in reviving stalled projects and its financial strength to inject high-quality housing into Thu Thiem—Ho Chi Minh City’s emerging financial and commercial hub.
The 38.4-hectare Binh Khanh Resettlement Area, part of the 12,500-unit program for Thu Thiem Urban Area’s resettlement, was completed in 2015. Of the 8,500 units built, 2,924 were retained for resettlement, while 3,790 of the remaining 5,626 units were earmarked for auction to recover state capital.
For years, Ho Chi Minh City has attempted to auction these 3,790 resettlement apartments to attract investors and recoup funds. However, four auctions have failed due to high starting prices and market skepticism. Years of neglect have deteriorated the units, further diminishing their appeal and complicating transfers.
Recently, the Ho Chi Minh City People’s Committee Office announced plans to auction the 3,790 Thu Thiem New Urban Area apartments in An Khánh Ward, reclassifying them as commercial housing.
Under the new scheme, the 3,790 units will be divided into two blocks for auction: 2,220 units in blocks R1, R2, and R3, and 1,570 units in blocks R4 and R5. All units will be sold as commercial housing.
Years of abandonment have degraded the resettlement area. Peeling tiles, cracked walls, and faded paint have significantly reduced the property’s value. (Photo: The Anh – Nhan Dan Newspaper)
Following the Sunshine Group-DIA consortium, Son Kim Land (a subsidiary of Son Kim Group) has also expressed interest in the auction, submitting a proposal to develop the 3,790 apartments in Thu Thiem’s R1-R5 plots. Son Kim Land has formally notified the Ho Chi Minh City People’s Committee.
Son Kim Land is the flagship of Son Kim Group, a storied Vietnamese business dynasty spanning over 70 years and three generations. Nguyen Thi Son, a 1990s textile pioneer, founded Legamex, one of Vietnam’s largest garment exporters, employing 10,000 workers.
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