The land plots range in size from nearly 84 sq. m. to over 143 sq. m. With a starting price of 5.3 million VND per sq. m., the corresponding deposit amount is 88-151 million VND per lot.
The auction will go through a minimum of six mandatory rounds, with a bid increment of 5 million VND per sq. m. As such, participants must bid a minimum of 30.3 million VND per sq. m. to win at this auction.
This auction format has also led to prolonged bidding sessions in Hoai Duc and Ha Dong in recent times, with auctions stretching into the night.
Previously, Thanh Oai planned to auction these land plots at the same starting price of 5.3 million VND. However, according to a notice in September, the format was changed to a single-round secret ballot during the auction.
An auction site in Thanh Oai District, Hanoi. Photo: Hong Khanh
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Earlier this week, Hoai Duc also announced the resumption of land auctions after a temporary halt. The district will auction 52 lots in the Technical Infrastructure Project for land-use right auction in Long Khuc, Tien Yen, in two sessions. The starting price is 7.3 million VND per sq. m.
On November 4, 20 land plots will be auctioned first. These plots range in size from 89 to 145 sq. m., with a deposit amount of over 130.8 to 212 million VND.
A week later, Hoai Duc will organize an auction for the remaining 32 land plots, ranging in size from 97.2 to 172 sq. m., with a deposit amount of nearly 142 to 251 million VND per plot.
Both sessions will involve direct voting over multiple rounds, with a minimum of six mandatory rounds and a bid increment of 6 million VND per sq. m.
Thanh Oai and Hoai Duc are districts on the outskirts of Hanoi that gained attention in August for their land auctions, with winning bids reaching up to over 100 million VND per sq. m., the highest being 133.3 million VND per sq. m.
In Thanh Oai, 56 out of 68 land plots auctioned in Thanh Cao commune have not been paid for, equivalent to 80%. Only 13 lots have fulfilled their financial obligations as notified by the tax agency.
In Hoai Duc, regarding the auction in Long Khuc, Tien Yen (on August 19), according to the district’s report, out of 13 customers (winning the auction for 19 land plots), 6 customers (winning the auction for 11 land plots) have paid the land use fees as prescribed. Among those who have paid, there is also the winner of the plot with the highest price of 133.3 million VND per sq. m.
The remaining 7 customers, who won 8 land plots, have not yet paid (accounting for more than 42% of the total number of auctioned land plots), also committed to completing their financial obligations before November 27 (the deadline as prescribed).
Hong Khanh
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