New real estate developments in Thủ Đức City. HCM City aims to raise over $1 billion by auctioning six land lots in Thủ Đức City. — VNS Photo Bồ Xuân Hiệp

HCM CITY — HCM City aims to raise over VNĐ25.4 trillion (US$1 billion) by auctioning six land lots in Thủ Đức City, including several prime locations in the Thủ Thiêm urban area.

The Department of Agriculture and Environment has proposed starting auction prices for approval by the municipal People’s Committee.

Specifically, in the Thủ Thiêm urban area, a land valuation plan for the Thủ Thiêm Eco Smart City project has been submitted, with an expected budget contribution of VNĐ16.2 trillion from the auction.

Another lot in An Phú Ward, covering nearly 15 hectares, has been proposed for auction to resolve a BT contract for a road project, anticipated to generate VNĐ3.49 trillion.

The department has also set a land price of approximately VNĐ19 billion for an 828 square metre area in the Nam Phan housing project.

In addition, three land lots in Thủ Thiêm have been submitted for auction price approval, with a combined starting value of around VNĐ5.7 trillion.

Overall, the expected revenue from these six lots in Thủ Đức City totals VNĐ25.4 trillion.

At a recent conference to promote investment in Thủ Đức City, city leaders revealed plans to auction land use rights for 239 hectares, including 49 lots in the Thủ Thiêm new urban area and 189 hectares from other projects.

The auctioned land will be developed into multifunctional residential, commercial, educational, and cultural facilities.

For the 2024-25 period, HCM City officials expect the city’s budget revenue from land to reach VNĐ32.8 trillion, mainly from these auctions and related financial obligations. — VNS