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Land plots in Thu Thiem New Urban Area got 4-8 times higher than initial price
Four land plots in the central area of Thu Thiem New Urban Area were awarded to domestic investors in a bidding session on December 10. Ho Chi Minh City People’s Committee earned a total revenue of more than VND37 trillion ($1.6 billion) from the auction, many times higher than the initial offering price.
Dream Republic JSC was given the 3-5 land plot of more than 6,400 square metres, to build 4-5 storey buildings with one basement, offering 76 apartment units on five floors and one ground basement. Dream Republic JSC had to pay VND3.8 trillion ($165.2 million), 6.6 times higher than the initial price of the City Committee.
Sheen Mega JSC has won the 3-8 land plot of 8,500sq.m with the auction price of VND4 trillion ($173.9 million), four times higher than the initial price. The investor will be permitted to build 4-10 storey buildings and one basement with a total of 113 apartments.
Binh Minh Trade and Development Investment Ltd. and Ngoi Sao Viet Real Estate Ltd. were the winners for the 3-9 and 3-12 land plots, sold for VND5 trillion ($217.4 million) and VND24.5 trillion ($1.06 billion), respectively.
Meanwhile, Ngoi Sao Viet Real Estate Ltd. (a member of Tan Hoang Minh Group) won the 3-12 plot for VND2.45 billion ($106.5 million), 8.3 times higher than the initial price.
Four land lots for the auction are located in Functional Area No.3 in the heart of Thu Thiem New Urban Area, next to Vong Cung Boulevard. The 1/500 planning has been approved with a complete infrastructure system.
The auction saw the participation of many large-scale property developers such as Quoc Loc Phat, Phat Dat Real Estate Development JSC, Cat Tuong Real Estate Group JSC, Ha An Real Estate Investment JSC, Dong Tien Real Estate Investment JSC, and many others.
All four land lots have a land-use period of 50 years from the effective date of the decision, with long-term use certificates issued.
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