Agribank has just auctioned off the collateral assets of land use rights, house ownership rights and other assets attached to land located in the center of Hanoi's Old Quarter, No. 110 Hang Buom, Hang Buom Ward, Hoan Kiem District.
The land plot at 110 Hang Buom has an area of 100.8m2, private use, urban residential land, total floor area is 205.2m2.
This is the asset mortgaged at Agribank Ha Thanh branch to secure the loan of AJMAL Vietnam Company Limited.
The starting price for the above property is 30.6 billion VND, equivalent to 303 million VND/m2.
Notably, this starting price has decreased by nearly VND 8 billion, equivalent to a decrease of more than VND 78 million/m2, compared to the most recent auction announcement in June 2023.
Even compared to the starting price when Agribank first put this property up for sale, the price was even more shockingly reduced. At that time (August 2022), the starting price for the house was up to 60.5 billion VND, equivalent to 605 million VND/m2.
Since then, there have been seven more bids, all of which have failed.
Thus, after more than a year since the first auction announcement, the starting price of the property has decreased by VND29.9 billion, equivalent to a decrease of approximately 50%. Thus, the starting price per square meter of this golden land has decreased by VND302 million after consecutive failed auctions.
Agribank said that to participate in the auction, participants must deposit 3.06 billion VND, equivalent to 10% of the starting price.
The bank noted that the starting price of VND30.6 billion does not include taxes, fees and other financial obligations as prescribed by law.
The voluntary auction participant commits to having researched information about the legal origin of the property, knowing and understanding the parties related to the property, having fully reviewed the auction property records, directly viewing the actual condition of the auction property and agreeing to purchase the auction property in its original condition "buy as is" and receive the auction winning property exactly as the records and actual condition have been viewed/appraised previously.
Taxes, fees and other financial obligations related to the auctioned property must be paid by the auction winner/purchaser of the auctioned property.
Previously, Agribank also auctioned another house in Hanoi's Old Quarter, No. 19 Hang Chieu, Hoan Kiem District. This house is located on a 160m2 plot of land with a floor area of over 287m2. At the most recent auction, this property was announced to have a starting price of VND 71.4 billion, equivalent to more than VND 446 million per m2 - a sharp decrease compared to the first auction in August 2022 with a starting price of VND 107 billion, equivalent to VND 668 million/m2.
With the current market price, the golden land in Hanoi's Old Quarter is always dozens of times higher than other areas as well as compared to the land price list according to the regulations of the Hanoi People's Committee. Therefore, each announcement of the bank's property auction in this area always attracts attention.
At the end of 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 VND52 billion. The land plot has an area of 154 square meters. The property attached to the land is a single-family house with a floor area of 230 square meters and a construction area of 103.4 square meters.
According to Decision 30/2019 of Hanoi People's Committee on Regulations and price list of land types in the area applied from January 1, 2020 to December 31, 2024, land price on Hang Thiec street is about 102 million VND/m2; land price on Hang Ngang and Hang Dao streets are both the highest at over 187 million VND/m2; Hang Bong and Hang Gai are located at up to 134-139 million VND/m2.
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