Thủ Thiêm to Auction 3,790 Resettles as Commercial Homes
Ho Chi Minh City has approved the conversion of 3,790 resettlement apartments in the Thủ Thiêm New Urban Area into commercial housing. The apartments, located in blocks R1 to R5 in Bình Khánh Ward (Thủ Đức City), are set to be auctioned after years of being left unused.
This move follows a proposal by the Department of Construction and aims to optimize public asset use while increasing housing supply in one of the city’s most sought-after areas.
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Why Previous Auctions Failed
The apartments have undergone four failed auctions due to high starting prices and bulk sale conditions that deterred buyers. Initial starting bids ranged from VND 8.8 trillion to nearly VND 10 trillion, a barrier even for large investors.
Additionally, many units are aging and built under resettlement standards, requiring additional investment in renovation and facility upgrades to meet commercial standards.
Market Shift: From Idle Inventory to Affordable Supply
With HCMC facing a critical shortage of mid-range housing, converting these long-vacant resettlement apartments into commercial housing could be a strategic solution. Experts believe the move could bring much-needed stock to the market and better align supply with real buyer demand.
These units are located on Mai Chí Thọ Boulevard — one of the most prestigious thoroughfares in Thủ Thiêm — and are part of a larger 12,500-unit resettlement program originally built for displaced residents of the mega urban redevelopment zone.
Thủ Thiêm: A Prime Riverside Investment Hub
Thủ Thiêm sits on a 657-hectare peninsula directly across the Saigon River from District 1. Approved in 1996, the area is envisioned as HCMC’s new international financial and commercial center. It boasts unmatched connectivity and potential, with many infrastructure and planning milestones already underway.
With this conversion plan, the city unlocks a high-potential real estate opportunity that could reshape market dynamics — especially for developers and investors targeting affordable urban living with prime location perks.
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