HCM City authorities have pledged to make procedures for auctioning prime public lands more transparent after disputes derailed efforts to sell a high-value plot last April.

A senior official at the city Department of Planning and Investment, who wished o remain unnamed, put this down to an urgent need to attact investment to so-called “golden” lands.

When the city tried to auction off a 13,000sq.m piece of land situated between Tran Hung Dao street, Pham Ngu Lao and Nguyen Thai Hoc streets in the downtown area in April, the bidding process became contentious and the auction was finally cancelled.

Speaking about it at that time, Tran Van Truyen, head of the Government Inspectorate, said this was because of violation of land administration and bidding regulations by city authoritiesand slow action on complaints by the losing bidder.

The city is now trying to make sure that capable investors take parts in bidding for prime properties. Their investment would not only bring economic benefit but also help build a modern city, an official said.

This year the city plans to auction off six prime pieces of land.