According to the Hoai Duc District Land Development Center, over 700 applications from approximately 400 participants were submitted ahead of the auction for 19 land lots with areas ranging from 74 to 118 square meters in the Long Khuc area of Tien Yen commune. The starting bid was set at a minimum of VND 7.3 million per square meter.
To secure the land use rights, investors had to go through multiple mandatory bidding rounds, with each increment being a minimum of VND 6 million per square meter.
In the final round of bidding, more than 20 participants remained in the running. After 9 rounds, the LK03-12 lot fetched the highest bid of VND 133.3 million per square meter, over 18 times the starting price. This corner lot, with 3 frontages and an area of more than 113 square meters, was sold for over VND 15 billion.
Land in the district on the outskirts of Hanoi reached a price of over VND 133 million per square meter after a 19-hour auction. Photo: CTV |
The second-highest bids were for lots LK03-6 and LK04-6, which sold for VND 127.3 million per square meter.
The remaining 14 lots fetched prices ranging from VND 97.3 to VND 121.3 million per square meter. Even the two lowest-priced lots sold for an impressive VND 91.3 million per square meter.
As the auction extended into the late hours, many participants dropped out due to the soaring prices. Several people expressed their dismay at the “exorbitant” land prices, shaking their heads in disbelief.
Despite the auction concluding in the early morning hours, real estate brokers waited outside the Hoai Duc District Cultural Information Center to obtain information about the winning lots and the contact details of the successful bidders.
Brokers explained that they needed this information to gauge the premium that investors were willing to pay and to quickly reach out to investors who might be interested in flipping their lots or when there was client demand.
Even before the auction, some investors and brokers had predicted land prices in Tien Yen commune to reach VND 90-100 million per square meter.
The Long Khuc auction site in Tien Yen commune, Hoai Duc District, is located near the Vanh Dai 4 road project. Photo: Hong Khanh |
According to investors and brokers, residential land prices in the vicinity of Long Khuc, Tien Yen commune, are currently at VND 80 million per square meter for main road frontage and VND 40-50 million per square meter for alley access. The area is expected to benefit from the completion of the Vanh Dai 4 road project, as it is located just 100 meters away.
On August 10, an auction in Thanh Oai district set a new record with a winning bid of over VND 100 million per square meter, despite the location being less desirable and the area lacking significant infrastructure developments.
On August 26, Hoai Duc District will auction off 20 more land lots, labeled LK01 and LK02, with areas ranging from approximately 89.6 to 145.6 square meters.
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