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 ranging from 74 to 118 square meters in the Long Khuc area of Tien Yen. The starting price was set at a minimum of VND 7.3 million per square meter.
To acquire the land use rights, investors had to go through multiple mandatory bidding rounds, with a minimum price increase of VND 6 million per square meter each round.
In the final round of bidding, only about 20 participants remained. After 9 rounds, the LK03-12 lot achieved the highest bidding price of VND 133.3 million per square meter, more than 18 times the starting price. This corner lot, with three frontages and an area of over 113 square meters, was sold for over VND 15 billion.
Land in the district outside Hanoi reached a price of over VND 133 million per square meter after a 19-hour auction. Photo: CTV |
The second-highest bidding prices were for lots LK03-6 and LK04-6, which sold for VND 127.3 million per square meter.
The remaining 14 lots were auctioned off at 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.
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 connect with investors who might be interested in flipping their lots or when potential clients express interest.
Even before the auction, some investors and brokers had predicted land prices in the Tien Yen area to reach VND 90-100 million per square meter.
The Long Khuc auction site in Tien Yen, 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, Hoai Duc district, are currently at VND 80 million per square meter for road-facing plots, while alley-facing plots are priced at VND 40-50 million per square meter. The area is expected to benefit from the completion of the Vanh Dai 4 road project, 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.
Hong Khanh
Investing in a volatile market: Should beginners consider putting money into high-yield bonds for 10-30% yearly profit?
Short-term stock market trading has proven to be a risky venture for many investors, leading to substantial losses. However, there are a few select open funds that have managed to achieve impressive returns, reaching up to 30%.
Choose stocks for “Tet” festival celebrations
Investors should consider choosing stocks in the banking industry with good profitability, healthy real estate, and abundant clean land reserves. In addition, the group of stocks in infrastructure investment, iron and steel, and construction materials should also be considered.
“Real estate agents still actively fishing for individual clients during the last days of Tet holiday”
Even though it’s 24, 25 lunar New Year days, we still come across the sight of broker groups working in consulting points. These brokers are celebrating Tet far away from their hometown after a challenging year in the economy and real estate market.
