Old townhouse auctioned off with tens of billions of dong discount but still no one buys it

Agribank Asset Management and Debt Exploitation Company Limited (Agribank AMC) recently announced that it will continue to auction many secured assets to handle and recover debts.

Old townhouse auctioned off with tens of billions of dong but still no one buys it - 1 — Many old townhouses were auctioned off to settle debts. Illustration photo: Thach Thao.

Specifically, on June 21, the bank will organize an auction of land use rights, house ownership rights and other assets attached to land located at 110 Hang Buom Street, Hang Buom Ward, Hoan Kiem District, Hanoi . The starting price set by Agribank is 38.5 billion VND (including VAT).

Notably, this property was advertised for sale for VND60.5 billion in August 2022. That means after only about 9 months, the property in the Old Quarter has decreased by 36% but still has no buyers.

The property has a land area of 100.8 m2. The residential area has a floor area of 205.2 m2. This property is being mortgaged by AJMAL Vietnam Co., Ltd. at Agribank Ha Thanh branch to secure the loan.

To participate in the auction, bidders need to deposit 3.85 billion VND, equivalent to 10% of the starting price of the property. The bidding step is 10 million VND/step.

On June 16, Agribank AMC also announced the auction of another real estate in the Old Quarter, which is the land use rights and housing at 19 Hang Chieu Street, Dong Xuan Ward, Hoan Kiem District, Hanoi. The starting price is 71.4 billion VND, a significant decrease compared to the 107 billion VND advertised for sale 9 months ago.

This is a real estate with a land area of 160 m2, a floor area of 287.4 m2, mortgaged by Dai Viet Petroleum Trading Company Limited at Agribank Ha Thanh branch.

Similar to the house at Hang Buom, bidders for the real estate auction at 19 Hang Chieu need to deposit 10% of the property value and bid in increments of 10 million VND.

In fact, since the beginning of the year, banks have continuously announced the auction of real estate assets in the Old Quarter to settle debts. A typical case is the house at 29 Hang Thiec, which was auctioned by the Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) Hoan Kiem branch with a starting price of 52 billion VND. The land plot has an area of 154 m2. The property attached to the land is a single-family house with a construction area of 103 m2 and a floor area of 230 m2.

According to Decision 30/2019 of the Hanoi People's Committee on Regulations and price list of land types in the area applied from January 1, 2020 to December 31, 2024, residential land on Hang Ngang and Hang Dao streets has the highest price of more than 187 million VND/m2; Hang Thiec street has a land price of about 102 million VND/m2; Hang Bong and Hang Gai are located at 134-139 million VND/m2. However, in reality, real estate prices in other areas are often many times higher.

(Source: Zing News)

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