HCM City will hold an auction to find investors for projects on nine land plots in the Thu Thiem new urban area in District 2. — VNA/VNS Photo Quang Nhut

HCM City will organise an auction to seek investors for the right to use nine land plots in the Thu Thiem new urban area in District 2.

The auction is expected to be held in the third quarter of this year.

The nine land plots are on the city’s list of 210 projects that are calling for investors.

The nine land plots are located in an area expected to be a highly dense multi-functional commercial centre.

To be eligible, investors must ensure progress on the project, and prove their management capacity to develop the project with the surrounding area.

Tran Vinh Tuyen, deputy chairman of the city’s People Committee, said these land plots will be auctioned one by one to give time for review and evaluation, and to ensure that the selected investors are capable of implementing the project

According to the Department of Planning and Investment, the nine land plots have a total area of 77,606 sqm, which have completed land clearance and compensation.

The nine land plots include six plots planned to have 10 to 15 floors of multi-functional residential area and three land plots planned to have 30 to 50 floors of multi-functional commercial area.

The total investment of nine land plots is VND27 trillion (US$1.1 billion) including investment costs, land use fees, and technical infrastructure costs.

The city’s Department of Transport has issued a decision on approving the investment projects for technical infrastructure for the nine land plots

The department also assigned the Urban Traffic Management No. 2 as the contractor of the project.

The city’s People Committee approved the contractor to use the city’s advance budget to invest in technical infrastructure for the project to improve the value of each lot. — VNS