Ho Chi Minh City plans to auction off over a dozen land plots in Thu Thiem Phase 2 during 2025-2026, including four “golden” plots that were previously abandoned.

The People’s Committee of Ho Chi Minh City has just issued a plan to auction land plots in the new Thu Thiem Urban Area, Thu Duc City, in two phases. The plan aims to revitalize the real estate market, accelerate the auction process, and increase revenue for the city.

Accordingly, in the 2024-2025 phase, the city will terminate the sale and purchase contracts for auctioned assets signed with the winners of four land plots in Functional Area No. 3 (codes 3-5, 3-8, 3-9, 3-12). These are also the four plots that were successfully auctioned at a record-breaking price of over 37,000 billion VND at the end of 2021. Notably, plot 3-12 was won by a subsidiary of Tan Hoang Minh with a price of 2.43 billion VND per square meter, 8.3 times the starting price. However, the winning businesses subsequently failed to pay land use fees within the deadline and requested to forfeit their bids.

The locations of land plots in Thu Thiem (Thu Duc City) were successfully auctioned off at the end of 2021, but were subsequently abandoned.

Between 2025 and 2026, following the successful auction of the three land plots, the city will draw lessons learned and proceed with the auction of eight additional land plots located in functional zones 1, 3, and 7. The planned timeframe for these auctions is from July 2025 to 2026.

Specifically, functional zone 1 comprises four land plots, including two plots (designated as 1-5 and 1-6) for multi-functional residential use and two plots (1-9 and 1-10) designated for multi-functional commercial development. Functional zone 3 includes two plots (3-9 and 3-10) with areas of 5,000 m2 and 10,000 m2 respectively, both designated for mixed-use residential and commercial development. Plot 3-8, with an area exceeding 8,500 m2, is designated for residential development without commercial functions.

Functional zone 7 encompasses one land plot, designated as 7-1, with an area of approximately 74,400 m2, planned for international standard resort development situated on a small islet.

In addition to the land plots ready for auction, the Thu Thiem New Urban Area also includes six plots within the 2C complex for sports and entertainment. The People’s Committee of Thu Duc City is tasked with adjusting the planning to determine the most suitable approach for auction or tender.

The city has also assigned Thu Duc City to finalize compensation and land clearance for plots 1-12 and 1-20 for inclusion in the auction plan.

At the July conference, the leadership of the Ho Chi Minh City Department of Finance reported that by the end of June, land use fees collected in the area reached nearly 3,580 billion VND, representing 11% of the assigned forecast. From now until the end of the year, the city will accelerate the progress of land valuation appraisal.This is to exploit revenue from real estate through auctioning land plots and collecting financial obligations.