The current price is only 303 million VND/m2.
Agribank has just announced an auction of collateral assets consisting of land use rights, ownership rights to housing and other assets attached to the land located in the heart of Hanoi's Old Quarter, at 110 Hang Buom Street, Hang Buom Ward, Hoan Kiem District.
The plot of land at 110 Hang Buom has an area of 100.8m2, for private use, classified as urban residential land, with a total floor area of 205.2m2.
This property is mortgaged at Agribank's Ha Thanh branch as collateral for a loan taken out by AJMAL Vietnam Co., Ltd.
The starting price for this property is 30.6 billion VND, equivalent to 303 million VND per square meter.
Notably, this starting price has decreased by nearly 8 billion VND, equivalent to a reduction of more than 78 million VND/m2, compared to the most recent auction announcement in June 2023.
In fact, compared to the starting price when Agribank first put this property up for sale, the price has dropped even more dramatically. At that time (August 2022), the starting price for the house was as high as 60.5 billion VND, equivalent to 605 million VND/m2.
Since then, there have been seven more bids, all of which were unsuccessful.
Thus, more than a year after the first auction announcement, the starting price of the property has decreased by 29.9 billion VND, equivalent to a reduction of approximately 50%. This means the starting price per square meter of this prime land has dropped by 302 million VND after a series of failed auctions.
Agribank stated that to participate in the auction, bidders must deposit 3.06 billion VND, equivalent to 10% of the starting price.
The bank notes that the starting price of VND 30.6 billion excludes taxes, fees, and other financial obligations as stipulated by law.
Bidders voluntarily commit to having researched the legal origin of the property, knowing and understanding the parties involved in the property, having fully reviewed the property's documentation, directly inspecting the property's actual condition, and agreeing to purchase the property as is ("buy as is") and receive the winning bid exactly as described in the documentation and in the actual condition previously inspected/inspected.
All taxes, fees, and other financial obligations related to the auctioned property must be paid by the winning bidder/buyer of the auctioned property.
Previously, Agribank also auctioned off another house in Hanoi's Old Quarter, at 19 Hang Chieu Street, Hoan Kiem District. This house sits on a 160m2 plot of land with a floor area of over 287m2. At the most recent auction, the property was announced with a starting price of 71.4 billion VND, equivalent to over 446 million VND per m2 - a significant decrease compared to the initial auction in August 2022 with a starting price of 107 billion VND, equivalent to 668 million VND/m2.
With current market prices, prime land in Hanoi's Old Quarter is always dozens of times more expensive than in other areas, as well as higher than the land price list regulated by the Hanoi People's Committee. Therefore, every announcement of an auction of bank assets in this area always attracts attention.
In late March, Vietcombank announced the auction of a house at 29 Hang Thiec Street, Hang Gai Ward, Hoan Kiem District, Hanoi, with a starting price of 52 billion VND. The land plot has an area of 154m2. The property attached to the land is a detached house with a floor area of 230m2 and a construction area of 103.4m2.
According to Decision 30/2019 of the Hanoi People's Committee on Regulations and price list of land types in the area applicable from January 1, 2020 to December 31, 2024, the land price on Hang Thiec Street is approximately 102 million VND/m2; residential land on Hang Ngang and Hang Dao Streets has the highest price of over 187 million VND/m2; Hang Bong and Hang Gai streets have locations reaching 134-139 million VND/m2.
(Source: Vietnamnet)
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