A closer look at the 19 land plots in Hoai Duc district that attracted overnight bidders
On August 19, Hoai Duc district, Hanoi, held an auction for 19 land plots in Tien Yen commune, with a starting price of VND 7.3 million per square meter. The plots ranged from 74 to 118 square meters, and participants had to make a deposit of VND 109-173 million (equivalent to 20% of the starting price) to join the bidding.
According to the Hoai Duc Land Development Center, over 700 applications were received, and around 400 customers participated in the auction. To win a plot, investors had to go through six bidding rounds, with a minimum increase of VND 6 million per square meter each round.
The auction lasted nearly 20 hours and ended at 4:30 am on August 20. The highest bid was VND 133.3 million per square meter.
In the 9th round, the auctioneer announced that plot LK03-12, a corner lot with three frontages and an area of over 113 square meters, received the highest bid of VND 133.3 million per square meter (equivalent to over VND 15 billion for the entire plot). This was more than 18 times the starting price of VND 7.3 million per square meter.
The remaining 16 plots were sold for VND 97.3-127.3 million per square meter, with the two lowest bids at VND 91.3 million per square meter. As observed by our reporters, the area has well-developed infrastructure, including roads, electricity, and drainage systems.
The 19 plots are located in the Long Khuc area of Tien Yen commune, about 100 meters from the Ring Road 4 – Capital Region.
However, the surrounding infrastructure is still limited.
In the coming months, Hoai Duc district will continue to auction off dozens of remaining plots in this area.
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