Thanh Oai District is holding an auction for land in an area where prices had previously been inflated to 100 million VND/m2.

Thanh Oai District ( Hanoi ) was the first place to host all-night auctions with winning bids reaching hundreds of millions of dong per square meter. Soon, this locality will hold another auction in the very same area where price manipulation and forfeiture of deposits by various groups and organizations occurred.

Thanh Oai District is holding an auction for land in an area where prices had previously been inflated to 100 million VND/m2.

Thanh Oai District (Hanoi) was the first place where all-night auctions took place, with winning bids reaching hundreds of millions of dong per square meter. Soon, this locality will hold another auction in the very same area where price manipulation and forfeiture of deposits by various groups and organizations occurred.

The Vietnam Auction Partnership Company has just announced the auction of land use rights for 54 plots of land in Ngo Ba area, Thanh Than village, Thanh Cao commune, Thanh Oai district (Hanoi).

Accordingly, the 54 plots of land were divided into three groups according to their starting prices. The first group consists of 6 plots with a starting price of 16.3 million VND/m2. The second group consists of 24 plots with a starting price of 15.6 million VND/m2. The third group consists of 24 plots with a starting price of 10.9 million VND/m2.

With areas ranging from 60 to 85 square meters, the land plots offered for sale will have starting prices ranging from 656 million to 1.3 billion VND. The corresponding deposit amount will be approximately 130 to 265 million VND per plot.

Notably, instead of multiple rounds of bidding like previous auctions, this one will be held in a single round of direct, secret ballot voting. The auction is scheduled to take place on March 1st at the Thanh Oai District Gymnasium.

Image of a plot of land that was auctioned for 100.5 million VND/m2 in Thanh Cao commune, Thanh Oai district. Photo: Tam Phuc Real Estate.

Previously, on August 10, 2024, also in Ngo Ba area, Thanh Than village, Thanh Cao commune, Thanh Oai district, an auction was held for 68 land plots. The plots ranged in size from 60 to 85 m2, with starting prices ranging from 8.6 to 12.5 million VND/m2.

What caused a stir in public opinion was the winning bid price for the land plots. The corner plot here had the highest winning bid price, reaching 100.5 million VND/m2, eight times higher than the starting price. Other plots had equally high winning bid prices, ranging from 63 to 80 million VND/m2, 5 to 6.4 times higher than the starting price. These are unprecedented figures for the land market in Thanh Oai district.

However, when the payment deadline arrived, only 13 out of 68 land plots had their deposits paid in full. The plot with a winning bid of 100.5 million VND/m2, along with many other high-value plots, were abandoned by bidders. Subsequent auctions in Thanh Oai district consistently recorded lower winning bids and a decrease in the number of participants.

Source: https://baodautu.vn/batdongsan/huyen-thanh-oai-mo-dau-gia-dat-tai-noi-tung-bi-day-len-100-trieu-dongm2-d246463.html