This morning, November 4th, Hoai Duc district ( Hanoi ) put 20 land plots in Tien Yen commune up for auction with a starting price of 7.3 million VND/m2.
According to participants, after 8 rounds of bidding, the first plots of land have found owners, but at quite high prices, exceeding 100 million VND/m2. Specifically, a 145.5m2 plot with two street frontages was won at 103.3 million VND/m2, equivalent to a total value of approximately 15 billion VND. Several other plots were won at prices ranging from 91 to 97 million VND/m2.
Entering the 9th round of the auction, many land plots were priced above 100 million VND/m2, notably one plot received a bid of up to 130 million VND/m2.
Many plots of land were successfully auctioned for over 100 million VND/m2.
Approximately 150 people participated in today's auction. This is significantly fewer than the previous auction (on August 19th, which had around 500 participants and nearly 1,500 applications).
Some participants in the land auction believe that today's session will not see prices skyrocket like the previous one, estimating that the auction will end around 11 PM, so there will be no more rush or stockpiling of food and drinks like at the auction in Ha Dong district (October 19th).
At the end of the sixth round, many people left because they felt the prices were too high.
Many investors arrived early in the morning to complete the necessary procedures. (Photo: Thao Phuong).
Ms. Huong (25 years old, residing in Dan Phuong district, Hanoi), one of the early bidders, said that she and her husband wanted to buy two plots of land for business and to build a house, but by the eighth round, the price of all the plots was over 80 million VND/m2. Seeing that the land prices were showing signs of being "inflated," the couple had to accept defeat.
Anh Duc, one of the bidders, shared that his group of three each bid on two lots to increase their chances of winning, but when they reached round 9, they found the prices too high and all left.
Reportedly, the land plots offered for auction range in size from 89 to 145 square meters per plot, with a starting price of 7.3 million VND per square meter. The deposit for each plot ranges from 130.8 million VND to nearly 212.6 million VND.
Many brokers were sitting and waiting outside.
The auction format involves a minimum of 6 rounds of direct voting using an ascending bid method. The standard bidding increment is 6 million VND/m2.
Previously, on August 19th, an auction of 19 residential land plots in the LK04 area, Long Khuc village, Tien Yen commune, also took place in Hoai Duc district. The auction started at 8 am, continued through the night, and only concluded at 4:30 am on August 20th – after 18 hours – when all the land plots were successfully auctioned off.
Diagram of the land plots being auctioned today.
According to preliminary results, the highest-priced lot was won at 133.3 million VND/m2, more than 18 times the starting price. This lot, designated LK03-12, is a corner plot with two open sides and an area of over 113m2.
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