HCMC to auction 3,790 resettlement apartments in Thu Thiem in June

SGGP
The People’s Committee of HCMC will hold the third auction for 3,790 resettlement apartments in the Thu Thiem New Urban Area in Thu Duc City’s Binh Khanh Ward in June, according to Director of the Property Auction Service Center under the HCMC Department of Justice, Pham Van Sy.
HCMC to auction 3,790 resettlement apartments in Thu Thiem in June ảnh 1 The buildings of resettlement apartments in the Thu Thiem New Urban Area  (Photo: SGGP)
The 3,790 resettlement apartments covering on an area of over 38.4 hectares belong to a program on building 12,500 resettlement homes for the Thu Thiem New Urban Area and was completed in 2015. These aparment buildings sited in the ‘golden location’ are adjacent to Mai Chi Tho Road and connect with the city’s center through Thu Thiem Tunnel.
The municipal People’s Committee organized two auction events for these resettlement apartments in 2017 and 2018 but they didn’t find buyers.
The buildings of apartment units carry an estimated value of VND 9,900 billion (US$430 million) in the third auction show.
According to real estate experts, it is not easy to sell those apartments because they are sold all at once with a lump-sum payment. Additionally, the winner of an auction must pay 50 percent of the total money within one month while the remaining must be paid off in 90 days. Investors will be hard to mobilize capital.
These apartment lots could not be divided into smaller parts for sale due to the large number of apartment units, making it difficult to put up for auction, said Director of the Property Auction Service Center under the HCMC Department of Justice, Pham Van Sy.

By Do Tra Giang – Translated by Kim Khanh

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