Prime Relocation Opportunity: 3,790 Thu Thiem Resettlement Apartments Up for Auction

The Three-Horse Race

According to the Ho Chi Minh City People’s Committee Office, numerous real estate companies have expressed interest in bidding for 3,790 resettlement apartments in the Thu Thiem New Urban Area.

Specifically, Son Kim Land (Son Kim Real Estate JSC) has submitted its application to bid for all 3,790 apartments across lots R1, R2, R3, R4, and R5 in An Khanh Ward, HCMC, along with a development and exploitation plan for the project.

Additionally, a consortium comprising Sunshine Group JSC and DIA Investment JSC has also submitted its bid for the same number of apartments. Similarly, Bcons Land (Bcons Real Estate JSC) has formally expressed interest in the auction to the HCMC People’s Committee.

Previously, on August 19, the HCMC People’s Committee issued Decision 738/QĐ-UBND outlining the auction plan for 3,790 commercial apartments in lots R1, R2, R3, R4, and R5 within the Thu Thiem New Urban Area. Lots R1, R2, and R3 comprise 2,220 units, while lots R4 and R5 include 1,570 units, all designated for commercial housing.

The HCMC People’s Committee has tasked the Department of Agriculture and Rural Development with overseeing the auction process, in collaboration with relevant departments, agencies, and An Khanh Ward authorities.

The Binh Khanh Resettlement Area, spanning 38.4 hectares, is part of the 12,500-unit program for Thu Thiem Urban Area resettlement, completed in 2015. After constructing approximately 8,500 units, HCMC retained 2,924 for resettlement and approved the auction of 3,790 units out of the remaining 5,626 to recover state capital.

The asset auction decision for these five apartment lots took effect on September 18 and will remain valid until March 15, 2026, with a maximum duration of six months from the issuance date. The auction also includes accompanying technical infrastructure, social infrastructure, and public utility services. The HCMC Department of Agriculture and Rural Development is responsible for organizing the asset sale.

Four Failed Attempts

HCMC first auctioned these 3,790 resettlement apartments in 2017 with a starting price of VND 8.8 trillion. In February 2018, the second auction was held by the HCMC Asset Auction Service Center (under the Department of Justice), with a starting price exceeding VND 9.1 trillion. At that time, the auction failed due to a lack of buyers.

In June 2021, HCMC again attempted to auction these apartments, this time with a starting price of VND 9.9 trillion. The units were divided into two packages: the first included 1,570 units in lots R4 and R5, and the second comprised 2,220 units in lots R1, R2, and R3. Given the multi-trillion-dong value of each package, the target bidders were real estate companies. The fourth auction in 2023 also ended unsuccessfully.

According to several real estate firms, the repeated auction failures are primarily due to financial constraints, deterring potential bidders.

Regulations require participating companies to deposit 20% of the starting price. If successful, the winning bidder must pay 50% of the auction value within one month and the remaining 50% within 90 days.