The corner lot LK 06-09, which started at a reserve price of VND 7.3 million/m2, saw intense competition during the auction. By the fifth round, the price had soared to VND 37.3 million/m2, and it continued to climb dramatically, reaching VND 103.3 million/m2 (approximately USD 4,400) in the sixth round. In the seventh round, the 148 sq. m lot was finally hammered down at a staggering VND 109 million/m2, equivalent to a total price of VND 1.61 billion (over USD 68,000). This final price was an impressive fifteen times higher than the starting bid.
Mr. Hai from Hoai Duc, Hanoi, shared his experience with the reporters. He and his family had joined the auction early in the morning, hoping that the most desirable lot would not exceed VND 100 million/m2. However, when the bidding surpassed that mark, they decided to withdraw after the seventh round.
 Many participants left when the price exceeded VND 100 million/m2. Photo: Tien Anh |
Ms. Thanh from Chuong My, Hanoi, had a similar story. Her family of five participated in the auction until the ninth round but only succeeded in winning one lot with an area of over 90 sq. m. They had expected the price to fluctuate between VND 70-85 million/m2 but were forced to give up when the bids climbed too high.
On the other hand, Anh Hung from Hoai Duc, Hanoi, shared his success in this auction, his third attempt. This time, he managed to secure a lot that met his expectations, with an area of nearly 90 sq. m. He candidly revealed that their purpose in participating in these auctions was to ride the wave of real estate speculation. “Tonight, I will discuss with my team to set a new price for this lot, planning to sell it at a premium of VND 300-500 million,” Anh Hung stated.
Immediately after the auction, the so-called “land-hugging” groups set up tables and chairs outside the auction center and began offering their newly acquired lots for sale, demanding premiums of several hundred million VND and being open to negotiations.
Even at 6:00 PM, these groups remained gathered in the auction area, actively negotiating and making phone calls to prospective buyers. Most of the lots were advertised with premiums starting from VND 300 million.
Mr. Hai from Bac Ninh provided his insights into the auction. Compared to the previous auction held on November 4 in Hoai Duc, the lowest winning bid had decreased from VND 85 million/m2 to VND 79.3 million/m2. However, the highest bid in this auction reached VND 109 million/m2, a slight increase of VND 6 million/m2 from the highest bid of VND 103 million/m2 recorded on November 4.
He attributed this difference to the fact that some of the lots in this auction were located in more desirable positions compared to the majority of the lots offered in the previous week’s auction.
Tien Anh
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