The Partnership Auction Company No. 5 – National has announced a temporary suspension of the auction for the Land Use Rights of 27 land plots in the wards of Phu Luong, Yen Nghia, and Duong Noi in Ha Dong District.
This suspension includes land plots in the following areas: Ha Khau Village, Dong Danh-Dong Coc Village, Dong Bo-Dong Chuc-Cua Cau-Dong Men Village (Phu Luong Ward); Chua Sau Village (Yen Nghia Ward); and Duoc Village (Duong Noi Ward).
A previously auctioned land plot in Phu Luong Ward, Ha Dong District
According to the auction company, this temporary suspension is in response to a request from the Project Management Unit of Ha Dong Construction Investment. The auction will resume as soon as the relevant authorities provide a decision, in accordance with regulations.
Prior to this suspension, the Partnership Auction Company No. 5 – National, in collaboration with the Project Management Unit of Ha Dong Construction Investment, had announced the auction of 27 land plots in the three wards of Phu Luong, Yen Nghia, and Duong Noi. The land plots up for auction range from 48 sq. m. to 72 sq. m. in area, with starting prices from VND 22.9 million per square meter.
The auction was scheduled to take place on September 7, 2024.
Real estate experts predict that this auction in Ha Dong District could take longer than recent land auctions in Thanh Oai and Hoai Duc districts. This is due to the starting prices being significantly lower than the market rates in the area, and the requirement for a minimum of 11 bidding rounds for some plots. With such low starting prices, thousands of participants are expected to join, and each bidding round, including voting, ballot preparation, and reading, could take up to two hours. Therefore, the entire auction process is estimated to take over 20 hours to complete.
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