Nearly 3,800 resettlement apartments in Thu Thiem find no buyersNo investors have registered to bid for 3,790 resettlement apartments in the Thu Thiem new urban area project in District 2, HCMC, which have been put up for auction by the city government, according to Sai Gon Giai Phong newspaper. According to the Department of Construction, the redundancy of such a huge number of resettlement homes has resulted from relaxed compensation policy. But now land clearance compensation rates match market prices, and prices of resettlement apartments are higher than before. The regulation that developers must build resettlement apartments before they can relocate households in their project sites has also led to a redundancy as many affected residents have refused ready-built apartments. Nam Rach Chiec residential and resettlement area covers 60 hectares, including 30 hectares of resettlement land for the Thu Thiem new urban area project.

Source: VietNamNet News May 12, 2018 00:33 UTC