Recently, Saigon Commercial Bank Hanoi Branch (SaiGonBank Hanoi) announced the auction of an apartment at address 4B Thanh Street, Cua Dong Ward, Hoan Kiem District, Hanoi. The starting price of the property is over 1.1 billion VND.
Saigon Bank also announced the auction of the right to use 91.8 m2 of urban land and property attached to the land located at plot 36a, map sheet 6I-I-32 (1997) at address 8D, alley 19, Nguyen Cong Tru Street – group 2(1), Dong Nhan Ward, Hai Ba Trung District, Hanoi. The property attached to the land is a 2-storey reinforced concrete house with 1 mezzanine… The starting price is over 5 billion VND.
At the beginning of 2024, many banks are auctioning off real estate at prices ranging from 1 billion to several billion VND.
Prosperity and Development Bank (PGBank) also announced the auction of a plot of land with an area of 356m2 in Bach Nao hamlet, Thanh Van commune, Ha Dong district, Hanoi. The starting price is over 2.1 billion VND.
In early February, GPBank Dong Do branch also liquidated a plot of land and property attached to the land in residential area 10, Dong Mai Ward, Ha Dong District, Hanoi. The starting price is over 7 billion VND.
The bank also auctions off 2 properties in Chuong My district, Hanoi. Specifically, the first auction property is the right to use land and property attached to the land of plot 198, map sheet 18, at Phuong Hanh hamlet, Tan Tien commune, Chuong My district, Hanoi. The second auction property is the right to use land and property attached to the land of plot 05, map sheet 02, with address at Xuan Trung hamlet, Thuy Xuan Tien commune, Chuong My district, Hanoi. The starting prices of the 2 plots of land are over 960 million VND and over 800 million VND.
Also in early February 2024, Joint Venture Vietnam – Russia Bank (VRB) announced the auction of real estate in Chua hamlet, Trung Cao village, Trung Hoa commune, Chuong My district, Hanoi. The starting price of the property is 3.1 billion VND.
Vietnam Investment and Development Bank (BIDV) is selling real estate at Block 1, Phuc Dong Ward, Long Bien District, Hanoi, with a starting price of nearly 6.5 billion VND. The land area is 80m2.
Many real estate properties put up for auction by banks are still difficult to be liquidated.
At the end of January 2024, PVcomBank auctioned off the right to use land and property attached to the land at house No. 12, Block B15 of the Ministry of Public Security (now No. 17, alley 68, Nguyen Nhu Kon Tum Street), Nhan Chinh Ward, Thanh Xuan District, Hanoi. The starting price is over 20.5 billion VND. The land plot area is 89m2. The property attached to the land is an 8-storey reinforced concrete building with a construction area of 89m2, a usable area of 730.4m2, and a 21.2m2 balcony, elevator, etc.
Similarly, Maritime Bank (MSB) is currently auctioning off the right to use land and property attached to the land in Quang Ngai with a starting price of 4.05 billion VND.
The auctioned property includes a house and land at plot 4, map sheet 39, with address at Tran Phu Ward, Quang Ngai City, Quang Ngai Province according to the land use right certificate, ownership of the house and other assets attached to the land No. CY 009961 issued by the Department of Natural Resources and Environment of Quang Ngai Province on November 4, 2020.
In Ho Chi Minh City, Agribank An Phu branch is also liquidating a plot of land No. 100 in An Phu Dong Ward, District 12. This plot of land has an area of 200m2 and is located in an urban area. The starting price is 10 billion VND.
Another property up for liquidation is located at D3/5A, Block 4, Tan Tuc Town, Binh Chanh District. The land plot has an area of over 221m2. The starting price is over 7.5 billion VND.
Agribank is also auctioning off 3 plots of land with areas of nearly 143m2, 92m2, and over 252m2 on Luong Minh Nguyet Street, Tan Thoi Hoa Ward, Tan Phu District. The starting prices are 10.5 billion VND, 6.7 billion VND, and 19 billion VND, respectively. The plots of land already have constructed houses.
According to the Vietnam Real Estate Brokers Association (VREBA), mortgage real estate accounts for about 70% of total collateral assets for loans in banks. Therefore, real estate properties are often sold off by financial institutions when borrowers cannot repay their debts.
Vietnam Investment and Development Bank (BIDV) – Binh Tan branch also announced the auction of collateral assets in real estate in Ho Chi Minh City. Specifically, the auctioned property is the right to use land and property attached to the land at 2791 Huynh Tan Phat, Hamlet 6, Phu Xuan Commune, Nha Be District, Ho Chi Minh City. The land plot has a starting price of nearly 13 billion VND and an area of over 230m2.
Saigon Commercial Bank (Saigonbank), Binh Hoa branch, announced the auction of the right to use land and property attached to the land in Ho Chi Minh City, with a starting price of over 5 billion VND. The auctioned property is the entire right to use land, ownership of residential buildings, and other assets attached to the land at plot 431, map sheet 31, located at 376/5 Chu Van An, Ward 12, Binh Thanh District, Ho Chi Minh City.
According to the Vietnam Real Estate Brokers Association (VREBA), mortgage real estate accounts for about 70% of total collateral assets for loans in banks. Therefore, real estate properties are often sold off by financial institutions when borrowers cannot repay their debts. However, despite multiple auctions and deep price cuts, there are still few buyers.
“Part of the reason is objective, with difficulties in the market and the economy in recent times. Another part is due to the fact that the valuation of the auctioned assets does not rely on the actual value but includes both principal and interest, making it increasingly difficult to sell these assets,” said Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association.
