Prime Land Auction in Phu Dien Ward, Hanoi: Starting at 110 Million VND per Square Meter

According to an announcement by Lac Viet Partnership Auction Company, an auction session coded CT will take place on December 27th within the 8.5-hectare resettlement area adjacent to Phu Dien Street, Phu Dien Ward (formerly part of Bac Tu Liem District), Hanoi.

The land plot, spanning 6,490 square meters, is up for auction for the rights to develop a low-rise residential project. The starting price is nearly 713 billion VND (approximately 110 million VND per square meter).

Investors will participate in a direct bidding process through a minimum of 5 mandatory rounds. The deposit required is 20% of the starting price, equivalent to 142 billion VND.

The total investment for constructing the low-rise residential project on this land is 76.76 billion VND. The project’s operational period is 50 years, commencing from the date the investor receives the land allocation decision. The project is expected to be completed within 3 years.

To qualify for the auction, investors must have an equity capital of at least 157.9 billion VND and demonstrate the ability to mobilize funds for project execution. In addition to financial capability, participants must meet specific requirements regarding project development experience as per regulations.

Recently, Lac Viet Partnership Auction Company also announced the auction of a 3,366-square-meter land plot at 18 Cao Ba Quat Street, Ba Dinh Ward.

As per the approved master plan, the winning bidder will develop a 5-star hotel project, with a maximum height of 6 floors and a total construction area exceeding 15,900 square meters.

The starting price for the land in the first round is 201.7 million VND per square meter, totaling 679 billion VND. The auction will proceed through a minimum of 3 rounds.

The cost of purchasing the auction participation dossier is 1 million VND. The deposit required is 135.8 billion VND. The auction for the land plot at 18 Cao Ba Quat Street is scheduled for the morning of December 25th at the Hanoi Land Fund Development Center.

The total projected investment for the hotel project is 911 billion VND, comprising 679 billion VND for the land acquisition and approximately 232 billion VND for construction costs. Participating organizations must prove financial capability with equity capital of at least 20% of the total investment, equivalent to a minimum of 182.2 billion VND.

Bidders must meet specific requirements regarding capacity and project development experience. Participants are required to deposit 20% of the land’s starting value, amounting to 135.8 billion VND.

The 18 Cao Ba Quat land plot was previously earmarked for an office building project by the Urban Environment One-Member LLC. However, the Hanoi Inspectorate identified several issues, and after years of inactivity, the project was among 16 terminated by Hanoi in 2018.