Apartment prices in Hanoi only increase, not decrease, Bitexco completes divestment from the legal entity of the investor of the "super" project, how to calculate money when changing land use purpose to residential land... are the latest real estate news.
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| Since the beginning of the year, the Hanoi apartment market has only had one “quiet period” in April and May, while the rest of the year has seen an upward trend in selling prices. (Photo: Linh An) |
Hanoi apartment prices continue to increase
The latest survey from Batdongsan.com.vn shows that Hanoi apartment prices continue to increase in the last months of the year. Thus, from the beginning of the year until now, the Hanoi apartment market has only had one “quiet period” in April and May, the rest of the year has recorded an upward trend in selling prices.
Specifically, in Thanh Xuan district, a 2-bedroom, 2-bathroom apartment at the Imperial Plaza project was priced at 5.2-5.3 billion VND/apartment in August 2024, but now the selling price has increased to 5.4-5.5 billion VND/apartment. During the same time period, a 2-bedroom, 2-bathroom apartment at the Rivera Park project also increased in price from 5.5-5.6 billion VND/apartment to 5.7-5.9 billion VND/apartment. A 2-bedroom, 2-bathroom apartment at the Goldseason project also increased in price from 5.4-5.5 billion VND/apartment to 5.6-5.8 billion VND/apartment.
In Nam Tu Liem district, the price of 2-bedroom, 1-bathroom apartments at Vinhomes Smart City project, in August, was offered at 3.5-3.6 billion VND/apartment, but now it has increased slightly to 3.7-3.8 billion VND/apartment. At Golden Palace project, the selling price for an area of 85m2 in August was still commonly at 4.7-4.8 billion VND/apartment, but now the offering price is over 5 billion VND/apartment. In the same time range, the price of 2-bedroom, 2-bathroom apartments at Mon City apartment building has increased from the common price of 4.1-4.2 billion VND/apartment to 4.3-4.5 billion VND/apartment. At the Sudico My Dinh project, the 57m2 apartment also increased slightly, from 3.6-3.7 billion VND/apartment to 3.8 billion VND/apartment.
In Cau Giay district, the selling price of A10 Nam Trung Yen apartment, with 2 bedrooms and 1 bathroom, area of 66m2, continued to increase, from 4.6-4.7 billion VND/apartment to 4.8-5.2 billion VND/apartment. The A14 Nam Trung Yen project, buildings B10, A6 Nam Trung Yen also recorded an average price increase of 100-200 million VND/apartment in the past 2 months. The Home City project apartment, with 2 bedrooms and 2 bathrooms, also continued to increase in price from 4.8-5.1 billion VND/apartment to 5.2-5.5 billion VND/apartment. The increase of about 300 million VND in the past 2 months was also established at the 219 Central Field Trung Kinh project.
Ms. Nguyen Hoai An, Senior Director of CBRE Vietnam in Hanoi, said that the selling price of apartments in Hanoi will continue to increase in the coming time. The reason is that in the last quarter of 2024, the new supply is forecasted to record more than 10,000 units, bringing the total number of newly opened apartments for sale in the whole year of 2024 to nearly 30,000 units, nearly three times the number of apartments opened for sale in 2023 and the highest supply in the past 5 years. A large proportion of the supply is expected to be concentrated in the high-end segment.
Meanwhile, more luxury projects will be launched for sale at the end of the year, continuing to push up primary prices in the last quarter of the year. In addition, secondary prices will continue to increase in the context of abundant primary supply, but with a more stable increase.
Sharing the same view, Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, said that the primary selling price of apartments in Hanoi will continue to increase because although the supply has improved, it is still very difficult to meet the demand. Because most of the new supply continues to be completed at a high standard with high investment costs, especially costs related to land. Therefore, the primary price level is very difficult to decrease. The increase in primary prices has led to an increase in the selling price of apartments in Hanoi in the secondary market.
Hanoi land auction: Some places bid until midnight, some stop for review
After the land auction in Hoai Duc lasted nearly 20 hours, from the morning of August 19 to the early morning of August 20, through 9 rounds (with 6 mandatory rounds), Hanoi continued to record auctions lasting until midnight and early morning.
The most recent auction of 27 plots of land in Ha Dong District (Hanoi) lasted until 11pm on October 19, closing after 14 hours with 14 rounds. The highest winning price at this auction was up to 262 million VND/m2, more than 8 times higher than the starting price. The remaining lots had winning prices ranging from over 140-160 million VND/m2.
On October 13, after nearly 20 hours with 12 rounds, by nearly 2:00 a.m. on October 14, 54 plots of land in Yen Son commune, Quoc Oai district were successfully auctioned. The highest price was nearly 55 million VND/m2, 4.4 times higher than the starting price. The lowest winning price was nearly 45 million VND, 3.6 times higher than the starting price. The auction had nearly 300 customers with more than 1,000 applications participating.
However, after the above auction, the People's Committee of Quoc Oai district issued a notice to stop the land auction for 39 plots in Tan Phu commune to review, update and adjust the auction plan according to regulations.
Those who have purchased the documents and paid the deposit will be refunded. The time to reorganize this auction has not been determined by the authorities.
According to the plan, the district will auction 39 plots of land in Yen Quan village, Tan Phu commune at the end of this month. These plots have an area of 78-114m2, all with starting prices of 4.7 million VND/m2, corresponding to a deposit of 73-108 million VND for each plot.
Previously, many localities in Hanoi also postponed plans to organize some auctions such as Hoai Duc, Thanh Oai, Dan Phuong... after the management agency requested to rectify land auction work.
Auctions in outlying districts such as Thanh Oai, Hoai Duc... were temporarily suspended when the winning price was many times higher than the starting price, the highest of which was more than 100 million VND/m2 (18 times higher than the starting price), causing a stir in the market.
Notably, out of 68 auctioned lots in Thanh Oai district, only 13 investors paid the money even though the payment deadline had passed. These lots only had winning prices of 51.6-55 million VND/m2. The remaining 55 lots with winning prices ranging from 80 million to over 100 million VND/m2 all waived their deposits and did not pay the money.
Completed the transfer of the "super" project
Regarding the 6-star complex project The Spirit of Saigon, District 1, Ho Chi Minh City (also known as the "super" Ben Thanh quadrangle project), according to updated information, Bitexco Group Company Limited (Bitexco Group) has completed divestment from the investor's legal entity.
The investor of the “super” Ben Thanh Quadrangle project is Saigon Glory Company Limited (Saigon Glory), a subsidiary of Bitexco Group with 100% ownership. The partner receiving the transfer of all Bitexco Group’s capital contribution in Saigon Glory is Phuong Dong Hanoi Real Estate Company Limited (Phuong Dong Hanoi Company).
Phuong Dong Ha Noi Company is headquartered on the 10th floor of Pacific Place Building, 83B Ly Thuong Kiet, Hoan Kiem District, Hanoi. The legal representative is Ms. Tran Thi Minh Hieu (residing in Hanoi).
After taking over from Bitexco Group, on October 2, Hanoi Oriental Company authorized 3 individuals to represent it to own a capital contribution of 7,000 billion VND at Saigon Glory.
Specifically, Mr. Tran Thanh Tu (residing in Hanoi) and Mr. Nguyen Anh Duc (residing in Binh Duong province) represent the capital contribution of 2,100 billion VND each. Ms. Tran Thi Minh Hieu represents the capital contribution of 2,800 billion VND.
Thus, after many years of no action to implement the "super" Ben Thanh quadrangle project, Bitexco Group has now completed transferring the project to another enterprise.
Lam Dong adjusts land price list
Lam Dong Provincial People's Committee has just issued a decision to adjust the land price list for the period 2020-2024. This adjustment is made according to Decree 102/2024 of the Government on the implementation of a number of articles of the 2024 Land Law.
According to the decision, the People's Committee of Lam Dong province adjusted the price list of land types in Da Lat city, Bao Loc city and 10 districts. The adjusted price list officially applies from October 17 to December 31, 2025.
For records arising before the issuance date of the above decision but financial obligations have not been determined, Lam Dong Provincial People's Committee, departments, branches and localities shall base on the adjusted land price list.
In Da Lat City, the highest agricultural land price is 1.2 million VND/m2, the lowest is 125,000 VND/m2. The highest rural land price is 4.83 million VND/m2 and the highest urban land price is 72.8 million VND/m2.
The highest land prices are for plots of land located in Hoa Binh Area (including the inner-city bus station) and Nguyen Thi Minh Khai Street, Ward 1.
In Bao Loc City, agricultural land prices range from VND94,000-546,000/m2. The highest price for rural land is VND9.6 million/m2. Meanwhile, the highest price for urban land in Bao Loc City is VND35.1 million/m2. This price belongs to land plots on Le Hong Phong Street (from Hong Bang to Tran Phu), Ward 1.
Compared to the draft released for comments at the end of August 2024, the land price list just issued by Lam Dong Provincial People's Committee does not have many differences.
How to calculate money when changing land use purpose to residential land
In Clause 1, Article 8 of Decree 103/2024/ND-CP regulating land use fees and land rents (effective from August 1, 2024), it is stipulated that when a competent State agency issues a decision allowing households and individuals to change the purpose of use to residential land, the land use fee is calculated as follows.
Land use fee when changing land use purpose to residential land is equal to land use fee of the land type after changing land use purpose minus land use fee, land rent of land types before changing land use purpose (if any). In which:
Land use fee of land type after conversion is calculated as follows: Land use fee of land type after conversion of land use purpose is equal to land area for calculating land use fee after conversion of purpose as prescribed in Article 4 of this Decree multiplied by land price for calculating land use fee as prescribed in Clause 1, Article 5 of this Decree.
Land use fees and land rents of land types before changing land use purposes (hereinafter referred to as land fees before changing land use purposes) are calculated according to the provisions in Clause 2 and Clause 3 of this Article).
In case the land use fee of the land type after changing the land use purpose is less than or equal to the land price before changing the land use purpose, the land use fee when changing the land use purpose is zero (=0).
Thus, the calculation of land use fees when changing land use purposes for households and individuals when a competent State agency issues a decision allowing the change of land use purpose to residential land is regulated as above.
Source: https://baoquocte.vn/bat-dong-san-moi-nhat-gia-chung-cu-ha-noi-nhay-mua-khao-sat-nhung-du-an-dien-hinh-hoan-tat-thuong-vu-sang-tay-sieu-du-an-o-tphcm-290906.html
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