Overview of Hoai Duc land auction (Hanoi); Ho Chi Minh City finalizes land price plan
Hoai Duc auction land price "closed" at 133 million VND/m2; Binh Duong prepares to auction 10 land plots; Da Nang announces list of 7 apartment projects eligible for sale; Thua Thien Hue approves planning of 260 ha coastal urban area.
Here is a summary of the week's outstanding real estate news.
Auctioned until 4am, Hoai Duc land "closed" at 133 million VND/m2
4:30 a.m. on August 20 was the end of the auction of 19 land lots in LK03 and LK04 areas of Long Khuc village, Tien Yen commune. According to the announced information, after 9 rounds of bidding, land lot LK03-12 recorded the highest winning price among 19 lots, up to 133.3 million VND/m2, more than 18 times higher than the starting price. With an area of 113m2, the total value of the above land lot is 15 billion VND.
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| Image of the land plot with a winning price of up to 133 million VND/m2. Photo: Nhat Linh |
The two lots with the highest winning prices are LK03-06 and LK-4-06. These lots all have prices of 127.3 million VND/m2. The common point of all three lots with the highest winning prices is that they are all located at the corner, with two frontages.
The winning price of 14 other plots of land ranged from 97.3 to 121.3 million VND/m2. Even the plot with the lowest winning price was still up to 91.3 million VND/m2, 12.5 times higher than the starting price.
Before the auction took place, Dau Tu Newspaper published an article predicting the winning price milestone of 100 million VND/m2. According to insiders, the auction in Hoai Duc will not have difficulty breaking the previous winning price record in Ngo Ba area, Thanh Cao commune (Thanh Oai, Hanoi).
The above assessment comes from the fact that Long Khuc area in Hoai Duc has a beautiful location and is more popular than the auctioned land in Thanh Oai district. In addition, the deposit at the auction is also quite low, just under 200 million VND for each plot.
In addition, the land auction in Hoai Duc district also had a minimum of 6 rounds of bidding. Meanwhile, in Thanh Oai, the auction only took place in one round. This will create the premise for the price to be continuously pushed up.
Hanoi re-examines all land auctions in Thanh Oai and Hoai Duc
Just 2 days after the record auction in Hoai Duc, the Hanoi People's Committee issued Document No. 2771/UBND-TNMT on inspection, detection and handling of violations of the law related to the unusually high auction results for land use rights in Hanoi.
The document clearly states that recently, in the city, there has been a phenomenon of land use rights auctions with winning prices many times higher than the starting price, such as in Thanh Oai district, it was 7-8 times higher, and in Hoai Duc district, it was 18 times higher.
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| Real estate teams are on duty at the land auction area to look for opportunities to skim deposits. Photo: Nhat Linh |
The above unusually high winning bids may affect socio-economic development, investment and business environment, housing and real estate markets.
In order to effectively carry out state management, ensure the auction of land use rights in accordance with the law, and contribute to stabilizing socio-economic development, the City People's Committee requests the Hanoi Department of Natural Resources and Environment to immediately coordinate with departments and branches including Justice, Finance, City Inspectorate, and City Police.
Accordingly, the city leaders requested that all land auctions in Thanh Oai and Hoai Duc districts in the recent past must be inspected, promptly detected and resolutely handled for violations of the law (if any); and reported to the City People's Committee before August 25.
At the same time, the Hanoi Department of Natural Resources and Environment will coordinate with the departments and branches: Justice, Finance, City Inspectorate, City Police to review the process, procedures, regulations... on auctioning land use rights of districts, towns and cities.
The Department will have to report to the City People's Committee to direct the implementation of measures to ensure the organization of land use rights auctions strictly according to legal regulations, to be completed before August 27.
Previously, on August 21, Prime Minister Pham Minh Chinh signed an official dispatch directing relevant agencies to promptly rectify the land use rights auction. In cases of land auctions with unusual results, the Prime Minister assigned the Minister of Natural Resources and Environment to coordinate with the Ministry of Justice, Finance, Construction and the Chairmen of the Provincial People's Committees to review, inspect and handle according to their authority.
At the same time, the Prime Minister also requested the Chairmen of the People's Committees of provinces and centrally-run cities to direct functional agencies and units to review the organization of land use rights auctions in their localities; promptly detect and prevent the exploitation of land auctions for profiteering, causing market disruption.
Hoai Duc district stops auctioning 20 land lots in Long Khuc area
According to the plan, on August 26, Hoai Duc district (Hanoi) will auction 20 land lots in Long Khuc area, Tien Yen commune. These are lots LK01 and LK02, located right next to 19 plots with record high winning prices. The area of these lots ranges from 89 - 145 m2, the starting price is still 7.3 million VND/m2.
However, this auction will have to be temporarily suspended for the authorities to conduct inspection and review according to Official Dispatch No. 82 of the Prime Minister.
According to the Hoai Duc District Land Fund Development Center, on August 23, a working group from the Ministry of Natural Resources and Environment came to the district to verify issues related to the auction.
The unit assigned to organize the auction in Hoai Duc, Lac Viet Joint Stock Auction Company, also announced the suspension of the auction of 20 plots of land on August 26. Customers who have purchased documents and deposited money to participate will have their money reserved or refunded according to regulations. Currently, the time for re-auctioning the plots of land has not been announced.
Hanoi requests report on sand mine auction at 70 times higher than starting price
On August 22, the Office of the Hanoi People's Committee issued Document No. 10061/VP-TNMT regarding the direction of Vice Chairman of the City People's Committee Nguyen Trong Dong regarding the auction of mineral exploitation rights of 3 sand mines: Chau Son (Ba Vi district), Lien Mac (Bac Tu Liem district), Tay Dang - Minh Chau (Ba Vi district).
Accordingly, the Vice Chairman of the City People's Committee requested the Hanoi Department of Natural Resources and Environment to urgently and completely resolve the implementation of Official Dispatch No. 1087/CD-TTg dated November 11, 2023 of the Prime Minister; report to the City People's Committee on the results of performing the assigned tasks in Documents No. 1325/UBND-TNMT dated May 4, 2024; No. 6536/VP-TNMT dated May 31, 2024; No. 7443/VP-TNMT dated June 20, 2024 of the City People's Committee Office; request the unit to complete in August 2024.
The Vice Chairman of the City People's Committee also assigned the City Inspectorate to closely coordinate with the Department of Natural Resources and Environment (DONRE) in the implementation of the above content.
Previously, on November 5-6, 2023, the Hanoi Department of Natural Resources and Environment organized an auction for the exploitation rights of the three sand mines. More than 40 investors from many northern provinces participated in the overnight auction that lasted 21.5 hours. The total winning price was recorded at VND 1,690 billion, 70 times higher than the starting price.
Hanoi will have 8,000 more social housing units.
Recently, Mr. Duong Duc Tuan, Vice Chairman of Hanoi People's Committee, signed a decision approving the updated list of housing and urban area construction investment projects in the city's housing development plans for the period 2021 - 2025 (phase 3). Notably, information about 6 new social housing projects is included.
Specifically, Long Bien district will have 3 projects. The first is the Hoan Kiem district resettlement housing area in Viet Hung urban area. This project has 3,505 apartments and is expected to be completed in 2026.
Next is the social housing project at CT plot in CT1 planning plot, the project to invest in building technical infrastructure for the land auctioned for land use rights in Long Bien ward. The project has 290 apartments and is expected to be completed in the fourth quarter of 2028.
Finally, there is the social housing project in planning block C14/NO1, Phuc Dong ward. The project provides 1,220 apartments and is expected to be completed in the fourth quarter of 2029.
In addition, Hanoi also has a housing area for sale to low-income people of Ba Dinh District Police in Ngoc Ha Ward, Ba Dinh District. This project has 77 apartments and is expected to be completed in 2026.
In Thanh Tri district, there is also a social housing project for sale to officers and soldiers of the Ministry of Public Security in Thuong village, Thanh Liet commune. The project provides 660 apartments and is expected to be completed in 2028.
As for Thach That, the district will have a social housing project in the Bac Phu Cat residential area in Thach Hoa commune. The project has nearly 2,600 apartments and is expected to be completed in 2028.
Binh Duong prepares to auction 10 land plots, total area 8.3 hectares
According to the project to exploit land funds and generate revenue from land to serve the socio-economic development of Binh Duong province in the period of 2024 - 2025, with a vision to 2030, the land fund to be auctioned (land use rights, public assets) includes 38 land plots, with a total area of 392 hectares.
In 2024 alone, the province will auction 10 land plots with a total area of 8.3 hectares. Specifically, including the land plot of Binh Duong Provincial Customs Department (0.26 hectares) in Thu Dau Mot City; two land plots of Binh Duong Production and Import-Export Corporation (564 m2) in Thuan An City; and the land plot of Sobexco Company (2.35 hectares) in Ben Cat City.
Land of Thanh Le Import-Export Trading Corporation (2.98 ha) in Di An City; land of Tan Loi Import-Export Production and Trading Joint Stock Company (0.81 ha) in Thu Dau Mot City; land of the Department of Construction Inspectorate (0.04 ha) in Thu Dau Mot City.
Chau Thoi Kindergarten land (0.41 ha) in Di An city; Dau Tieng town residential land (0.82 ha) and Dau Tieng town residential land - area behind the District Police (0.61 ha) in Dau Tieng town, Dau Tieng district.
Currently, the auction procedures are being carried out, and the expected time of organization will fall in the fourth quarter of 2024.
By 2025, Binh Duong will auction 17 land plots with a total area of 331.6 hectares. In the period of 2026 - 2030, the province will auction 11 land plots with a total area of 52.2 hectares.
Ho Chi Minh City finalizes land price plan
Recently, the Standing Committee of the Ho Chi Minh City Party Committee met to consider and decide to approve the policy on the necessity of adjusting and how to implement the adjustment of the land price list according to Decision No. 02.
After listening to the analysis of the delegates from the departments and branches, Secretary Nguyen Van Nen, on behalf of the Standing Committee of the City Party Committee, made a concluding speech and decided to choose option 4 (out of 4 options) to develop and promulgate the land price list.
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| Le Loi Street (District 1) will cost 810 million VND/m2 if calculated according to the new draft land price list. Photo: Le Toan |
Option 4 is to adjust the land price list according to the provisions of the 2024 Land Law to suit the actual situation of land prices in the locality.
Based on the existing land price database filtered from sources such as: compensation land prices, resettlement land prices, specific prices approved by People's Committees at all levels, actual land transfer prices from land registration agencies, tax agencies to update and adjust the land price list.
The draft adjusted land price list, after the Department of Natural Resources and Environment has consulted with relevant units, will be submitted to the city's appraisal council. After that, the Ho Chi Minh City People's Committee will consider and approve it.
The new land price list, if approved, will be valid until December 31, 2025. However, by the end of this year, the city will still have to re-evaluate to suit the economic situation. From the beginning of 2026, Ho Chi Minh City will apply a new annual land price list in accordance with the 2024 Land Law.
Da Nang announces list of 7 apartment projects eligible for sale
Recently, the Department of Construction of Da Nang City announced a list of commercial housing construction investment projects that have issued written notices that future housing is eligible for sale, from January 1 to July 31, 2024.
Accordingly, there are 7 projects eligible for sale. Including Bac Cuong apartment project (Hai Chau district) of Cuong Thinh Phat Land Joint Stock Company with 112 apartments.
High-rise apartment complex with 1,733 apartments in the New Town high-end commercial and sports service urban area project (Ngu Hanh Son district) of New Town Development Company Limited; Olalani Riverside Towers project (Son Tra district) of My Phuc Joint Stock Company with 1,425 apartments.
The Department of Construction of Da Nang City also announced that the two projects of Cu Lao Cham Investment Tourism Trading Joint Stock Company are eligible for sale, including the apartment complex on the east side of Tran Hung Dao Street (Son Tra District) with 528 apartments; building B4-1 and building B4-2 of the Han River tourism service area project (Ngu Hanh Son District) with 679 apartments.
There are also townhouse and villa projects in Tuyen Son housing and service area (Hai Chau district) of Landcom Investment JSC with 219 units; PA Tower hotel and apartment complex (Hai Chau district) of PAVNC JSC with 300 units.
Thua Thien Hue approves planning for 260-hectare coastal urban area
Recently, the People's Committee of Thua Thien Hue province issued a decision approving the zoning plan (scale 1/2000) of Thuan An coastal urban area, Hue city.
The project will be an area for developing marine and lagoon ecotourism models, providing public services and tourism services for Hue City and neighboring areas. This is also an area for developing new residential areas according to the ecological urban model and renovating and embellishing existing residential areas.
The planning research area covers an area of about 260.46 hectares in Thuan An Ward, Hue City, with a current population of about 12,734 people. The planned population by 2045 is expected to be about 17,300 people.
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