Many houses in the center of District 1 and Binh Thanh (HCMC) have large areas and are being auctioned for tens of billions of VND. Some other houses have been auctioned many times but have not been successful.
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The house at 37 Do Quang Dau (Pham Ngu Lao Ward, District 1, Ho Chi Minh City) was announced by the District 1 Civil Judgment Enforcement Office to be auctioned at 2:00 p.m. on April 12, in person. Previously, this house had been auctioned 3 times but failed.
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The house is located on a busy main street, right in the center of District 1. The starting auction price is over 21.2 billion VND, excluding value added tax (VAT), equivalent to 518 million VND/m2.
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According to the certificate, the land plot has an area of 41 square meters, the current status of the house is 5 floors with a mezzanine and terrace with a total area of nearly 270 square meters. However, the total recognized construction floor area is only nearly 190 square meters.
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Another property at plot 12-20 Le Van Huu (Ben Nghe Ward, District 1) was also auctioned. The property includes part of a 3-storey villa with a construction area of over 133m2, apartments on the 1st and 2nd floors, with a private area of nearly 60m2 and a shared area of over 27m2. The starting price for the auction was over 22.5 billion VND, held on April 8.
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House No. 128/10/2 Cong Hop Rach Bung Binh (Ward 9, District 3) has been auctioned 17 times without success and is preparing for the 18th auction. The starting price of the auctioned property is more than 10 billion VND.
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According to the announcement from the Civil Judgment Enforcement Department of Ho Chi Minh City, the land area according to the certificate is nearly 209 square meters. Currently, there is a 2-storey house with a legal construction floor area of nearly 406 square meters.
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The auction of house No. 128/10/2 Cong Hop Rach Bung Binh with a starting price of over 10 billion VND will take place from March 20 to April 9. The deposit is 2 billion VND, equivalent to 20% of the starting price.
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Another house at 272 Dien Bien Phu (Ward 17, Binh Thanh District) with an area of 121 square meters was announced for auction at 25 billion VND.
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The house has 3 floors, located entirely within the Dien Bien Phu road (120m), with a long-term use period. In total, this 3-storey house costs nearly 210 million VND/m2.
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The house at 48 Phan Chu Trinh (Ward 24, Binh Thanh District) is being auctioned for the 16th time. The house has a construction area of 125m2, a 3-storey structure, a porch and a large yard. The starting price is nearly 117.5 billion VND, the auction deposit is more than 23 billion VND.
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A survey by Dan Tri reporters showed that most of the real estate properties were old, showing signs of damage or deterioration. Some houses were still occupied or deserted, used as business premises or for rent.
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Many properties in good locations, with wide street frontage but large areas and high starting prices can be obstacles to auction results, in the context of an unfavorable real estate market.
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Lawyer Tran Minh Cuong, Ho Chi Minh City Bar Association, said that the real estate auctions have failed many times due to many reasons. In addition to the recent difficulties in the real estate market, the starting price for the auction is still high, depending largely on the previous valuation - when the market was trading well.
In addition, auctioning assets to enforce judgments also has many risks such as difficulties in handing over assets, handing over assets but not handing over documents due to procedures or errors of relevant agencies... Some judgments, although decided on appeal and auctioned, were canceled, the auction winners were affected, and involved in disputes.
According to Dan Tri
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