Specifically, the land plots range in size from 55 to 99.5 square meters, with a starting price of 14 million VND per square meter. The reserve price for these plots varies from 150 to 278 million VND per plot.
The auction will be held in a multi-round sealed-bid format, with a minimum of five compulsory rounds. The auction will continue until there are no more bids placed.
The method employed for this auction is an ascending-bid process for each individual plot.
As per the schedule, the auction will take place on September 30th in the People’s Committee Hall of Phung Town, Dan Phuong District.
Dan Phuong is currently one of five districts in Hanoi striving to meet the criteria to become a municipal city district by 2025. Consequently, numerous infrastructure development projects have been approved and implemented in the area in recent times.
 Auctions for land plots in Hanoi’s peripheral districts continue. Illustration: Hong Khanh |
At the end of July, Dan Phuong District successfully auctioned 85 land plots. These included: two plots in the Dong Say – Tram Sau area (phase 3) and two plots in Dan Phuong commune, with a starting price of 42 million VND per square meter.
67 plots were located along the N1 road in Ha Mo commune, with starting prices ranging from 40 to 51 million VND per square meter.
The remaining 16 plots were in the Di Nhi area of Phuong Dinh commune (phase 2), with starting prices ranging from 35 to 41 million VND per square meter.
With 85 land plots up for auction, over 1,200 sets of documents were submitted, indicating significant interest from prospective buyers.
At the conclusion of the auction, all 85 plots were successfully sold. The highest bid reached 99.2 million VND per square meter, double the starting price. These plots were located along the N1 road branch.
Hong Khanh
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