The Ho Chi Minh City People’s Committee has decided to quadruple compensation for people whose lands have been acquired for the Thu Thiem New Urban Area in District 2 and have to relocate.
Thanh My Loi apartment building in District 2, HCMC, where many people have moved after their lands were acquired for the Thu Thiem urban project. City authorities have increased compensation rates for such lands (Photo: SGGP)
Those buying apartments will now get a subsidy of VND8–16 million per square meter.
For buying land, they will get 12 million.
Following the hikes, the total compensation to be paid to more than 10,000 displaced families is estimated at billions of dollars.
The city has also decided to allow them to buy larger apartments and land plots: apartments will now be a minimum of 56 square meters, up from 45 square meters, and land will be a minimum of 80 square meters. Both can be a maximum of 200 meters.
Families that have already moved into apartment blocks like An Phuc-An Loc, An Phu-An Khanh, and Thanh My Loi will also get additional compensation.