Thanh Oai land auction, Hanoi: Highest price 90 million/m2, brokers advertise difference of a billion dong

According to confirmation from Vietnam Auction Joint Stock Company, in today's auction of 25 plots of land in Thanh Oai, the plot of land with the lowest winning bid price was 45.3 million VND/m2, more than 8 times the starting price, and the highest winning bid price was 90.3 million VND/m2, 17 times the starting price.

The two plots of land with the highest winning price are marked 100 and 106 with areas of 113.88m2 and 129.36m2 respectively. Thus, the total value of these two plots of land is nearly 10.3 billion VND and nearly 11.7 billion VND respectively.

According to an investor, these are 2 corner lots so the highest price is acceptable, however this price is still about 30 million VND/m2 higher than the market price.

According to the leader of Thanh Oai District People's Committee, this auction attracted more than 400 applications from 111 customers. The number of applications and participants at this auction has decreased significantly compared to August, when there were 4,600 applications from 1,545 people.

Notably, right after the auction results were announced, many plots of land were advertised at prices ranging from several hundred thousand to billions of VND per plot.

Specifically, corner lot 112 with an area of 157.1 m2 is currently being offered for sale with a difference of up to 1 billion VND. Many other lots are also being offered for a difference of 100 - 200 million VND/lot to 800 million VND/lot.

Previously, after the seventh round of auction ended, about 2/3 of the land auction participants left. The highest auction price at this time was recorded at 75.3 million VND/m2 and the lowest lot was priced at 45.3 million VND/m2.

Although the auction has not ended, the land brokers outside have publicly advertised the difference of 250 million VND/plot. The group of land brokers predicts that the highest price will only fluctuate around 80 million VND/m2 or less. Not only advertising outside the auction area, brokers have also advertised and continuously updated information on social networks.

Outside the auction, many plots of land were advertised for a difference of several hundred million dong.

At the auction area, many real estate agents and freelance brokers set up tents and signs waiting for the auction to end.

According to many previous investors, the auction price will be around 60 - 70 million VND/m2, the "beauty queen" lot will be around 80 million VND/m2.

25 plots of land with symbols from 93-117, the smallest area is nearly 84 m2 and the largest is over 143 m2. The starting price of these plots is from 5.3 million VND/m2, equivalent to a deposit of 88 - 151 million VND/plot. This price is 38% lower than the starting price of the auction on August 10, which was 8.6 million VND/m2.

The auction will have to go through at least 6 mandatory rounds, with a price step of 5 million VND per square meter. Thus, participants must spend at least 30.3 million VND/square meter to win the auction in this session.

According to research, land in Do Dong commune (where the auction is being prepared) is currently being offered for sale at around 25 - 52 million VND/m2. This price has increased by more than 63% within 1 year. During the first and second quarters, land in this area was offered for sale at around 15 - 40 million VND/m2.

Previously, on August 10, Thanh Oai district held an auction of 68 plots of land in Ngo Ba area, Thanh Than village, Thanh Cao commune. The plots of land ranged in area from 60m2 to 85m2, with starting prices from VND8.6 million/m2 to VND12.5 million/m2. The auction attracted 4,600 applications, but only 4,201 qualified applications from 1,545 people.

Notably, the highest winning price for the corner lot was nearly VND100.5 million/m2, 8 times higher than the starting price. The regular lots had winning prices ranging from VND63 million/m2 to VND80 million/m2, 5 to 6.4 times higher than the starting price. However, 55 lots were later abandoned, including the highest priced lot of over VND100 million/m2. Of the 13 lots with full payment, the highest priced lot was VND55 million/m2.

Chau Anh - Thanh Thao

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