The Partnership Auction Company of Vietnam has announced an auction for the right to use 57 land plots in Dam, Muc Xa village, Cao Duong commune, Thanh Oai district, Hanoi.
Previously, Truong Son Partnership Auction Company, the organizer of the land auction, announced the suspension of this auction and refunded the application and deposit money to customers.
The reason given was that the People’s Committee of Thanh Oai district needed to re-determine the reserve price for the auction of the right to use 114 land plots in Cao Duong commune as directed by the Hanoi People’s Committee.
According to the representative of the Director of the Land Development Center of Thanh Oai district, the reserve price of the 57 land plots in Cao Duong commune was previously determined based on Decree 12. However, from August 1, according to the new Decree 71, the adjustment factor K has increased, so the auction needs to be postponed to re-determine the reserve price of the above 57 land plots.
Regarding the re-organization of the auction, Thanh Oai district will re-organize the auction for the first phase with 57 land plots ranging from 74.63 to 134.69 square meters. The auction will be held in the form of sealed bidding for each land plot, with one round of direct bidding. The rescheduled auction is expected to take place at 8:30 am on September 8 at the Thanh Oai district gymnasium.
Notably, the reserve price of the land plots has increased compared to the previous price from VND 7.3 million/sq. m. to VND 8.8 million/sq. m, equivalent to VND 660 million to nearly VND 1.2 billion per plot.
Based on the new reserve price, participants in the land auction must pay a deposit of 20%, equivalent to VND 131.3 million to VND 237 million, depending on the plot. The latest time for payment is two days before the auction takes place.
Previously, on August 10, at the Thanh Oai district gymnasium (Hanoi), an auction for the right to use 68 land plots in Ngo Ba, Thanh Than village, Thanh Cao commune, Thanh Oai district, was held. This auction caused a “fever” in the suburban land market in Hanoi, attracting about 1,600 customers with more than 4,000 eligible applications. Notably, the corner lot with the highest winning bid was nearly VND 100.5 million/sq. m, eight times the reserve price. The regular lots were won at VND 63-80 million/sq. m, 5-6.4 times the reserve price.
