Binh Khanh Resettlement Area on Mai Chi Tho Street was completed in 2015 on an area of 38.4 hectares with 12,500 apartments for residents in five central wards of Thu Thiem New Urban Area.
The area is just some 10 minutes drive from District 1 of Ho Chi Minh City and two kilometres from the Hanoi Highway.
Despite being located in a prime location, the apartments have remained unsold.
Many supporting facilities including schools, parks, swimming pools have been left idle due to a lack of residents.
The buildings have been covered by lush grasses. Electricity and fire prevention systems have deteriorated with time.
HCM City authorities have tried to sell these apartments several times but failed to attract customers. The apartments here have average prices of over VND 2 billion (USD86,956) each.
It is said that the apartments have old-fashioned designs so most of the residents choose to get money in compensation for their old houses and buy apartments from other projects.
Six years after completion, these apartment buildings are still unused. They have recently been used as quarantine areas for Covid-19 prevention. Several field hospitals for Covid-19 treatment have also been set up here.
Meanwhile, just some two kilometres south of this Binh Khanh Resettlement Area, four land plots have just been successfully auctioned at the shockingly high price of over VND 2.4 billion (USD 104,347) per square metre.
