The Chairman of the Ho Chi Minh City People's Committee has approved the proposal of the Department of Construction to continue auctioning 3,790 apartments in the 38.4ha area in the Thu Thiem new urban area with the purpose of using and functioning as commercial housing.
These 3,790 apartments are located on plots R1, R2, R3, R4, R5, which are Thu Thiem resettlement apartments located near Mai Chi Tho Avenue. These apartments are part of the 12,500 apartment program for resettlement in Thu Thiem urban area. However, due to changes in the on-site resettlement needs of the people, there has been a surplus of resettlement apartments - Photo: NGOC HIEN
3,790 apartments in the new urban area of Thu Thiem continue to be auctioned, as previous auctions all failed with starting prices up to thousands of billions of VND - Photo: NGOC HIEN
According to experts, the auctions were unsuccessful because the starting price was too high, the total auction amount was too large while the project had been completed for many years and had not been put into operation, so the infrastructure was degraded. The winning businesses will spend a lot of money on repairs - Photo: NGOC HIEN
These apartments are located in prime locations in the new urban area of Thu Thiem. After many years of completion, they have been abandoned and degraded, forcing the city to spend tens of billions of dong each year on maintenance. Therefore, the city wants to auction these apartments - Photo: NGOC HIEN
3,790 resettlement apartments in the 38.4ha area of Binh Khanh Ward (Thu Duc City), part of the 12,500 resettlement apartment program in Thu Thiem, were completed in 2015. However, the first auction in 2017 was unsuccessful when no units participated, the starting price at that time was 8,800 billion VND. The second auction in February 2018, the price was 9,100 billion VND but was not successful - Photo: NGOC HIEN
Ho Chi Minh City once had a policy of converting resettlement apartments into commercial apartments, but also encountered problems with regulations and policies. Therefore, currently allowing the conversion of the above apartments into commercial apartments is expected to remove difficulties in auctioning, while also creating more housing supply for the city's residents - Photo: NGOC HIEN
Ho Chi Minh City also had a policy to request to convert resettlement apartments in the new urban area of Thu Thiem into commercial apartments. However, after calculating the construction costs, loan interest, and land prices, the investment costs have increased, not to mention land compensation and other costs - Photo: NGOC HIEN
The Chairman of the Ho Chi Minh City People's Committee has approved the proposal of the Department of Construction to continue auctioning 3,790 apartments in lots R1, R2, R3, R4, R5 in the 38.4ha area in the Thu Thiem new urban area with the purpose of using and functioning as commercial housing, which has been commented on by the Ministry of Construction. The Department of Construction is fully responsible for the accuracy of the content of the report, the results of the inspection, review, and proposals in the documents - Photo: NGOC HIEN
Over the past several years, nearly 4,000 of these apartments have gone through at least four unsuccessful auctions. The reason is said to be due to the starting price being too high and the quality of the apartments not meeting investors' expectations - Photo: NGOC HIEN
Experts expect the conversion of functions and re-auction to be successful, but also expressed concern about the number of units participating in the auction due to the long-standing construction, degraded infrastructure, and the need for large funds for renovation - Photo: NGOC HIEN
Source: https://tuoitre.vn/hinh-anh-flycam-3-790-can-ho-tai-dinh-cu-o-thu-thiem-sap-dau-gia-lam-nha-o-thuong-mai-20250319164027652.htm
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