Ho Chi Minh City has been seeking the Government’s permission to apply a specific mechanism to call upon investors to remove and resettle 20,000 households along and in canals, upgrade and rebuild at least 50 percent of downgraded apartment blocks built before 1975.
At seminar co-organized by the HCMC People’s Committee and the Ministry of Construction yesterday afternoon, chairman of the committee Nguyen Thanh Phong proposed delegates to discuss and find out solutions for the city to propose the specific mechanism.
In addition to the removal of 20,000 households from canal areas which is part of the city’s seventh breakthrough program on urban planning and development, he said there should have measures to solve difficulties for the real estate market and intensify state management for it to develop transparently and healthily.
Director of the HCMC Department of Construction Tran Trong Tuan reported that HCMC now has 474 old apartment blocks in need of rebuilding. The city has proposed the Government to allow it to mobilize private financial resources for the plan.
Chairman of the HCMC Real Estate Association Le Hoang Chau said that besides the specific mechanism, HCMC needs to speed up procedures to choose investors for projects to rebuild old apartment blocks and improve canal environment, assist them to carry out site clearance and resettlement.
The municipal authorities should create transparent conditions for investors to transfer projects to restart those with half done site clearance and sustain the real estate market’s recovery and growth momentum.
Minister of Construction Pham Hong Ha said that urban planning and development should be acknowledged under a new thought and required coordination between scientists and state management agencies.
The ministry will vigorously support HCMC to obtain its targets to remove canal houses and rebuild rundown apartment blocks as soon as possible, he pledged.
