As confirmed by the Vietnam Auction Partnership Auction Company, in today’s auction of 25 land plots in Thanh Oai, the lowest successful bid was 45.3 million VND/m², more than eight times the starting price, and the highest was 90.3 million VND/m², 17 times the reserve price.
The two plots with the highest bids, numbered 100 and 106, have respective areas of 113.88m² and 129.36m². Thus, the total value of these two lots is nearly 10.3 billion VND and nearly 11.7 billion VND, respectively.
Location of the auctioned land plots.
According to an investor, these are corner plots, so the highest price is acceptable, but it is still about 30 million VND/m² higher than the market price.
The leader of the People’s Committee of Thanh Oai District shared that this auction attracted more than 400 applications from 111 customers. The number of applications and participants in this auction has decreased significantly compared to the August auction, which had 4,600 applications from 1,545 people.
Notably, immediately after the auction results were announced, many plots were advertised with premiums ranging from hundreds of millions to billions of VND.
Specifically, corner plot 112, with an area of 157.1 m², is currently being advertised with a premium of up to 1 billion VND. Many other plots are also being advertised with premiums ranging from 100 to 200 million VND to 800 million VND.
Earlier, after the seventh round of bidding, about two-thirds of the land bidders left. The highest bid at that time was recorded at 75.3 million VND/m², and the lowest was 45.3 million VND/m².
Even before the auction ended, land brokers openly advertised a premium of 250 million VND per plot. The brokers predicted that the highest price would fluctuate around 80 million VND/m². In addition to advertising outside the auction area, brokers also actively advertised and continuously updated information on social media.
Many land plots outside the auction were advertised with premiums of up to hundreds of millions of VND.
In the auctioned land area, many real estate agencies and freelance brokers set up tents and banners to wait for the auction to end.
According to the previous predictions of many investors, the successful bid price would be around 60-70 million VND/m², and the “beauty pageant” lot would be around 80 million VND/m².
The 25 land plots, numbered 93-117, have a smallest area of nearly 84 m² and a largest area of over 143 m². The reserve prices of these plots started at 5.3 million VND/m², corresponding to a deposit of 88-151 million VND/plot. This reserve price is 38% lower than the reserve price of the auction on August 10, which was 8.6 million VND/m².
The auction will go through at least six mandatory rounds, with a price increase of 5 million VND per m². Therefore, participants must offer a minimum of 30.3 million VND/m² to win the bid at this auction.
According to our understanding, the land price in the area of Do Dong Commune (where the auction will take place) is currently advertised at around 25-52 million VND/m². This price has increased by more than 63% in just one year. In the first and second quarters, land prices in this area were advertised at around 15-40 million VND/m².
Previously, on August 10, Thanh Oai District organized an auction of 68 land plots in Ngõ Ba, Thanh Than Village, Thanh Cao Commune. The plots had areas ranging from 60m² to 85m², with reserve prices from 8.6 million VND/m² to 12.5 million VND/m². The auction attracted 4,600 applications, but only 4,201 were eligible, submitted by 1,545 individuals.
Notably, the corner plot with the highest successful bid was nearly 100.5 million VND/m², eight times the reserve price. The regular plots had successful bids ranging from 63 million VND/m² to 80 million VND/m², five to 6.4 times the reserve price. However, 55 plots were later forfeited, including the plot with the highest price of over 100 million VND/m². Of the 13 plots that were paid in full, the highest price was 55 million VND/m².
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