On November 29th, the Soc Son District Land Development Center, in coordination with the Thanh Xuan Joint-Stock Auction Center, organized an auction of 58 land plots in Dong Lai village, Quang Tien commune, Soc Son district.
Specifically, by the fifth round of bidding, some bidders had submitted bids for land exceeding 30 billion VND/m2, an unprecedentedly high price. Many other plots of land also received very high bids, ranging from 60 to 101 million VND/m2.
However, in the sixth and final round, they withdrew their bid. One bidder even wrote in large letters on their bid form, "I'm too scared! I'm withdrawing."
Ultimately, only 22 out of 58 plots of land were successfully auctioned, with prices ranging from 32 to 50 million VND/m2. All those who bid the highest prices in round 5 withdrew their bids in round 6.
Three plots of land were offered at 30 billion VND per square meter.
According to a leader of the Soc Son District People's Committee, when the auction of 58 land plots reached the 6th bidding round, it was determined that a group of customers had engaged in "sabotage." Specifically, many people who had bid very high prices in previous rounds then bid 0 dong in the 6th round, withdrawing from the auction.
According to this official, despite the cancellation, the auction will continue, and these lots will be re-auctioned by the local authorities in the near future.
Reportedly, the 22 lots that were successfully auctioned had winning bids ranging from a minimum of 17.4 million VND/m2 to a maximum of 101.4 million VND/m2.
The 58 plots of land being auctioned today range in size from 90 to 224 square meters, with a starting price of 2.4 million VND per square meter. The auction will be conducted through a minimum of five rounds of direct bidding using an ascending price system.
The deposit for each land plot auction is 20% of the starting price of the auctioned land plot, equivalent to a deposit ranging from 223 million VND to nearly 550 million VND.
Previously, in March 2024, a land auction in Hoai Duc was canceled due to suspected irregularities. Specifically, in the first round of the auction, 15 out of 33 plots of land were bid at prices ranging from 100 to 180 million VND/m2, up from a starting price of only 57 to 62 million VND/m2.
Subsequently, in the second round, the highest bidder deliberately withdrew their bid, intentionally getting disqualified and allowing the lower bidder from the first round to win the auction. Recognizing this as a violation of auction regulations, the organizers sealed all registration documents and bid slips and forwarded them to the police for investigation and legal action.
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