Developer cancels purchase of most expensive land lot

Thu Thiem Peninsula in HCMC's District 2 in May 2021. Photo by VnExpress/Quynh Tran

A property developer who successfully bid to buy a land lot in HCMC at VND2.45 billion ($108,000) per square meter last month has decided to pull out.

Tan Hoang Minh would not go ahead with the purchase of a 10,060-square-meter lot in the Thu Thiem Peninsula, a spokesperson for the Hanoi-based company told VnExpress after it informed top government leaders including President Nguyen Phu Trong.

It means the company will forfeit its deposit of over VND588 billion.

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