The Thanh Oai district of Hanoi recently held an auction for 89 land plots (first phase) located in the Man Ca, Man Cong, and Ma Man Trong areas of Van Quan village, Do Dong commune. The plots ranged in size from 87 to 161 square meters, with reserve prices starting at VND 11 million to VND 17 million per square meter.
The highest bid was for Lot 28 (Group 2), which sold for VND 79.9 million per square meter, over seven times the reserve price. This lot spans 102.78 square meters, translating to more than VND 8.2 billion per lot.
The lowest-priced lot fetched VND 51.3 million per square meter, while the remaining lots sold for between VND 52 million and VND 78 million per square meter.
Following the auction, many of the plots were advertised at premiums ranging from VND 200 million to VND 1 billion. Social media platforms also witnessed the resale of numerous lots, with markups varying from VND 200 million to VND 300 million per lot. For prime corner lots, the premium could reach up to VND 500 million to VND 1 billion. For instance, a nearly 105-square-meter lot, which was won at VND 71.3 million per square meter (totaling nearly VND 7.5 billion), was advertised at a premium of over VND 1 billion.
Many lots were resold at a premium on social media.
On March 22, Thanh Oai district will hold another auction for 81 land plots (second phase) in the Man Ca, Man Cong, and Ma Man Trong areas of Van Quan village, Do Dong commune.
These plots range in size from 76 to 189 square meters, with a reserve price of VND 11.3 million per square meter, translating to between VND 880 million and VND 2.16 billion. Participants must submit a deposit ranging from VND 170 million to VND 200 million per lot. The auction will be conducted in a single round of sealed bidding, with bids submitted in person and following an ascending price format.
Previously, on March 1, Thanh Oai district held an auction for 54 land plots in the Ngo Ba area of Thanh Than village, Thanh Cao commune. The highest bid was for plot LK03-10 (Group 1), measuring 64.95 square meters, which sold for VND 90.33 million per square meter, or over VND 5.86 billion per plot. The remaining plots fetched prices ranging from VND 59.9 million to VND 89 million per square meter.
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