Land, apartment buildings and townhouses in HCMC’s Thu Duc City. Photo by VnExpress/Quynh Tran
Ho Chi Minh City aims to raise over VND25.4 trillion (US$1 billion) by auctioning six land lots in its Thu Duc city, including several prime locations in the Thu Thiem urban area.
The Department of Agriculture and Environment has proposed starting auction prices for the lots and is waiting for approval by the municipal People’s Committee.
Specifically, in the Thu Thiem urban area, a land valuation plan for the Thu Thiem Eco Smart City project has been submitted, with an expected budget contribution of VND16.2 trillion from the auction.
Another lot in An Phu ward, covering nearly 15 hectares, has been proposed for auction to resolve a BT contract for a road project, anticipated to generate VND3.49 trillion.
The department has also set a land price of approximately VND19 billion for an 828 square meter area in the Nam Phan housing project.
In addition, three land lots in Thu Thiem have been submitted for auction price approval, with a combined starting value of around VND5.7 trillion.
Overall, the expected revenue from these six lots in Thu Duc totals VND25.4 trillion.
At a recent conference to promote investment in Thu Duc, city leaders revealed plans to auction land use rights for 239 hectares, including 49 lots in the Thu Thiem new urban area and 189 hectares from other projects.
The auctioned land will be developed into multifunctional residential, commercial, educational, and cultural facilities.
For the 2024-25 period, HCMC officials expect the city’s budget revenue from land to reach VND32.8 trillion, mainly from these auctions and related financial obligations.
