Two years after the real estate giant Tan Hoang Minh won the bid for Saigon's "gold land" property at 23 Le Duan, the former Maison du Combattant will finally meet the bulldozer this fall.
The Hanoi-based high-rise developer Tan Hoang Minh recently cleared all procedures to become the official owner of the site, reports Thanh Nien.
The firm successfully beat 13 other competitors in 2015 with a record offer of VND1.4 trillion (US$69 million), nearly three times higher than the starting bid.
However, right after the authorities approved of their winning bid, Tan Hoang Minh almost walked away before asking for permission to resume the purchase later in June 2016. At the end of the year, the Ho Chi Minh City government even had to issue an ultimatum threatening to write off the auction results should the payment fail to arrive before the new deadline, reports Zing.
According to Thanh Nien, in April 2017, Tan Hoang Minh finally managed to pay off a sum of VND1.7 trillion, including a penalty of VND364 billion for their late settlement.
The real estate company is reportedly working on obtaining permits to begin construction in the third quarter of this year. If approved, a mixed-use office and shopping mall complex will rise in place of the former Maison du Combattant building, one of the few colonial structures left in Saigon.
