The Ho Chi Minh City Land Fund Development Center has recently initiated a streamlined tender process for consulting services to appraise five land plots featuring 3,790 apartments in the Thu Thiem New Urban Area. This move supports the upcoming fifth auction plan.
Previously, four consecutive auctions of these resettlement housing units failed. The primary reasons were the large auction scale, which limited participation to financially robust investors, reducing competition and prolonging the auction process. Another barrier was the high starting price, initially around VND 8.8 trillion, rising to VND 9.1 trillion in the second attempt, and nearing VND 9.9 trillion in the most recent auctions. Meanwhile, the properties have significantly deteriorated after nearly a decade of abandonment.
In response, since March, Ho Chi Minh City has approved converting these units into commercial housing to attract a broader range of buyers. By late August, the city’s People’s Committee endorsed dividing the housing units into two blocks for separate auctions: 2,220 units in R1-R3 and 1,570 units in R4-R5. Funded by the city’s budget, these auctions adhere to public asset management and usage regulations.
Constructed and completed in 2015, the 3,790 units in blocks R1 to R5 have been vacant for 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.
Several prominent real estate firms have expressed interest in the fifth auction, including Son Kim Land, the Sunshine – DIA consortium, and Bcons Land.
Prominent real estate firms express interest in the fifth auction (Photo: The Anh – Nhan Dan Newspaper).
Son Kim Land, the flagship of Son Kim Group, is backed by a 70-year legacy spanning three generations. Founded by Mrs. Nguyen Thi Son, the group made its mark in the 1990s with Legamex, a leading garment exporter employing 10,000 workers.
Sunshine Group, a Vietnamese real estate titan, is renowned for its projects in Ciputra, Tay Ho Tay (Hanoi), and across Quang Ninh, Thanh Hoa, Da Nang, Nha Trang, and Ho Chi Minh City. The group revitalizes stalled projects, transforming them into iconic properties that benefit both communities and investors. Notable examples include Noble Crystal Tay Ho WorldHotels Residence, Noble Crystal Long Bien, Noble Crystal Riverside, and Sunshine Legend City.
Bcons Land has rapidly gained prominence in recent years, particularly in Binh Duong and adjacent areas of Ho Chi Minh City. The company focuses on affordable housing, contrasting with the high-end market trend pursued by many competitors.
Leading Bcons Land is Mr. Le Nhu Thach, Chairman of Bcons Group. A graduate of Ho Chi Minh City University of Technology, Mr. Thach transitioned from academia to entrepreneurship, founding a design and construction consulting firm. He later expanded the Bcons ecosystem, with real estate as its core business.
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