Apartment complexes that have been completed but have very few residents are being planned for auction, including R1, R2, R3, R4, R5 with a scale of 3,790 units, located in Binh Khanh Resettlement Area, District 2, Ho Chi Minh City.

Project 1 (lots R1, R2, R3) with 2,220 apartments, has a starting price of more than 5,619 billion VND.

R1, R2, R3, R4, R5 are located in Binh Khanh ward, one of the wards cleared when clearing the planning site for Thu Thiem new urban area.

Ho Chi Minh City People’s Committee assigned the Department of Natural Resources and Environment to coordinate and guide the Ho Chi Minh City Land Fund Development Center to carry out auction procedures according to legal regulations.

In a document submitted to the People’s Committee of Ho Chi Minh City, the Department of Finance proposed that the city approve the New City project (lots R8, R9), to temporarily pay the value of land use rights.

Binh Khanh resettlement area is located on Mai Chi Tho Avenue.

According to VnExpress’s survey, currently apartments under the New City project are offered for sale in the Ho Chi Minh City market with a price range equivalent to commercial housing.

Chairman of the Ho Chi Minh City Real Estate Association, Le Hoang Chau, said that the auction of the Binh Khanh resettlement area can bring in revenue for the budget in the context that the city still has to pay tens of thousands of billions of dong in loan interest.

However, Mr. Chau believes that solving this problem depends on the previous agreement between the business and Ho Chi Minh City.

Thu Thiem urban area is located on Thu Thiem peninsula (District 2, Ho Chi Minh City), opposite District 1 across the Saigon River, with a total area of 657 hectares.

According to planning, the urban area has 5 main areas: central core area, northern residential area, residential area along Mai Chi Tho Avenue, eastern residential area, southern delta area.

To invest in building this new urban area, Ho Chi Minh City took 10 years to clear almost the entire Thu Thiem peninsula, about 15,000 households were relocated to make room for this super project.

In a document sent to the Prime Minister in 2015, Ho Chi Minh City People’s Committee said the total investment capital in Thu Thiem New Urban Area was for compensation, site clearance and resettlement, technical infrastructure investment, and loan interest payments.

Of which, about 12,000 billion VND is commercial loans from credit institutions, so the interest generated is about 2.9 billion VND per day.