On the morning of August 22nd, at the People’s Committee hall of Huong Son commune (My Duc district), Vietnam Auction Partnership Auction Company, in collaboration with the My Duc Land Development Fund Center, organized an auction for the land-use rights of 11 plots in Tien Mai village (Huong Son commune).
The plots ranged in size from 102.5 sq. m to 159 sq. m, with a starting price of VND 5.37 million per sq. m, equivalent to nearly VND 6.77 billion in total value.
Approximately 100 customers participated in the auction, with 262 eligible applications.
As a result, all 11 plots were successfully auctioned, with a total value of over VND 36.31 billion, a difference of nearly VND 29.53 billion from the starting price. Plot number 01 had the highest winning bid of VND 32.97 million per sq. m, a difference of VND 27.6 million from the starting price. Plot number 11 had a winning bid of VND 25.37 million per sq. m, VND 20 million higher than the starting price.
Customers bidding for the 11 land plots in Huong Son commune, My Duc district, on August 22nd (Photo: Bao Chau)
However, by noon on August 22nd, all 11 plots had been resold by real estate brokers at prices VND 200 million to VND 650 million higher than the auction price. Specifically, plots 03, 05, 07, 08, 09, and 10 were resold with a markup of VND 200 million each; plots 01 and 06 with a markup of VND 250 million each; plots 02 and 04 with a markup of VND 300 million each. Plot 11, in particular, was resold at a markup of VND 650 million.
Mr. H, an employee of a real estate brokerage firm, stated that the markup on the plots depended on their location and the winning bid amount. For instance, plot 11 had the highest markup because it had the lowest winning bid.
Map of the 11 land plots in Huong Son commune, My Duc district, that were auctioned on August 22nd.
When asked about the fact that his real estate firm had marked up all 11 plots, he replied that some of his colleagues had participated in the auction. After winning the bids, they resold the plots through his firm to make a profit.
It is worth noting that this real estate firm also offered markups for a series of land plots recently auctioned by My Duc district in mid-August 2024, including two plots in Phu Luu Te commune and two plots in Doc Tin commune.
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