3,790 Vacant Resettlement Apartments in Thu Thiem Head Toward Auction: A New Puzzle for the Luxury Market

On 27 October 2026, Ho Chi Minh City’s Department of Agriculture and Environment confirmed it had submitted a specific land-price proposal for three of five plots tied to resettlement apartment blocks that have sat empty for years in An Khanh ward, Thu Thiem. It is the next step after the city People’s Committee approved the auction plan for the full five-plot cluster — 3,790 apartments in total — on 2 October 2026. The news follows on from another Thu Thiem land story we already covered in depth: the city’s approval of starting prices for five “golden land” plots in zone K3, with the top lot priced above VND 10,198 billion. Together, the two threads show Ho Chi Minh City pushing public land in Thu Thiem to market on several fronts at once.

Where the five resettlement plots (R1-R5) stand as of 27 October 2026

Under the city’s 2026 land-use-right auction plan, Ho Chi Minh City intends to auction 50 parcels in total, including eight inside the Thu Thiem New Urban Area covering roughly 13.87 hectares^[1]. The most closely watched group within that cluster is tied to 3,790 resettlement apartments across the former R1-R5 plots, now redesignated as 1.K7.9.HH, 1.K7.5.HH and 1.K7.6.HH (R1-R3, 2,220 apartments combined) plus two further plots, R4 and R5 (1,570 apartments)^[2].

The process is unfolding in stages. On 2 October 2026, the city People’s Committee approved the auction plan for the entire R1-R5 cluster. On 24 October 2026, the Department of Agriculture and Environment went a step further, submitting a specific land-price proposal covering only the three R1-R3 plots, to serve as the basis for a starting price — a filing made public on 27 October 2026^[2]. In parallel, a batch of commercial-service plots in Thu Thiem, including 1.K7.2.DV, 1.K1.5.DV and 1.K7.1.DV, is going through the same paperwork on a similar timeline, alongside the K3 “golden land” cluster we detailed in our earlier update.

Why 3,790 apartments left vacant for years are proving a tough problem

Unlike the K3 cluster, which already has an officially approved starting price and an auction organizer selected with a perfect evaluation score, the three R1-R3 plots are still at the price-proposal stage, with no official starting price and no confirmed auction date yet. These structures were built with state budget funds years ago and have stood empty ever since, tied up in planning, legal and technical issues around the existing buildings.

According to an analysis from Bao Dau Thau, recovering the city budget’s investment in the land behind these 3,790 apartments is proving genuinely difficult, given the challenge of valuing aging structures, identifying suitable bidders, and clearing legal issues that have accumulated over several years^[3]. So even though the auction intention has been in place since early this year, the R1-R5 cluster’s actual progress continues to lag well behind the K3 cluster — a fair reflection of how much more complex a state asset with existing buildings is to monetize than vacant land.

What this means for Thu Thiem’s luxury price benchmark

Analysts argue that regardless of which cluster reaches auction first, Ho Chi Minh City’s repeated release of public land in Thu Thiem at high starting prices helps reset the area’s land-value baseline. Avison Young data shows secondary prices for both apartments and landed homes in Thu Thiem climbing sharply compared with initial launch prices, as new primary supply has narrowed to essentially the Sarene and Savila sub-zones inside the Sala urban area, developed by Dai Quang Minh (Thaco)^[4]. JLL Vietnam separately forecasts that primary apartment prices in Thu Thiem could approach VND 215 million per square metre, with landed homes potentially reaching VND 567 million per square metre of land in the period ahead^[4].

Several established projects in the area are stirring back into motion. Empire City is relaunching its Narra Residences sub-zone after a period of legal delays; The Metropole Thu Thiem, developed by SonKim Land, is under construction on its The OpusK Residence phase alongside plans for a mixed-use cluster around the future Thu Thiem station; and at Lotte Eco Smart City, the project officially broke ground on 23 October 2026, a milestone we analyzed separately for what it means for Thu Thiem’s next pricing cycle. Just before that, Ho Chi Minh City’s chairman held a working session directly with Sun Group, Masterise and Dai Quang Minh to push progress on infrastructure and projects across both Rach Chiec and Thu Thiem, a sign that pressure to speed up supply in the area is coming from both the authorities and developers at once.

Infrastructure momentum is reinforcing long-term confidence in the area, too. Since early 2026, a series of strategic connective works in Thu Thiem has accelerated under new, specially designed mechanisms, alongside plans for a new administrative centre and the Ho Chi Minh City International Financial Centre^[4]. These planning catalysts are why investors increasingly view Thu Thiem real estate in a different tier from the rest of the city — and why public land parcels there, whether vacant lots or vacant buildings, keep getting valued higher.

What this means for buyers and investors

For end-users and medium-to-long-term investors, the public land auctions unfolding in Thu Thiem — both the K3 “golden land” cluster and the R1-R5 resettlement cluster — are best read as a signal of a new price floor for the district, rather than a factor that directly moves the resale price of existing projects. As large, clean land parcels grow scarcer, the value of products that already carry complete legal standing and established or emerging in-project infrastructure — at Empire City, The Metropole Thu Thiem, or Sala’s Sarene and Savila sub-zones — looks likely to keep re-rating upward over time.

Thu Thiem Update, Oct 20: HCMC Approves Starting Prices for 5 “Golden” Land Plots, Top Lot Over VND 10,198 Billion

HCMC approved starting prices for 5 Thu Thiem land plots on Oct 20, top lot over VND 10,198bn. What it…

Xem chi tiết →

That said, it is worth noting that the R1-R3 resettlement plots are still at the price-proposal stage, with no official starting price or confirmed auction date, and some reporting suggests recovering the city budget’s investment from these plots will not be straightforward given the legal and technical complexities involved^[3]. Tracking each plot’s legal progress closely, and working with advisors who understand the area’s planning and legal framework, remains essential before committing capital to any product in this market.

If you are exploring an apartment, townhouse or villa in Thu Thiem, District 1, Rach Chiec or Thao Dien, and want the latest on legal status, construction progress and sales policy for a specific project, feel free to reach out directly for tailored advice that matches your needs and budget.

Sources:

• [1] thoibaotaichinhvietnam.vn
• [2] vietstock.vn
• [3] baodauthau.vn
• [4] vietnamfinance.vn