In an interview with Tien Phong Newspaper on November 30, Mr. L (an expert with over 20 years of experience in auction organization) affirmed that there were irregularities in the recent land auction in Soc Son district. The irregularities were not only in the three plots of land that were bid up to 30 billion VND per square meter but also in the 20 plots that were won at 17 million VND per square meter.
According to Mr. L, this is the most significant consequence as these 20 plots are adjacent to those that won at hundreds of millions per square meter, indicating a potential issue. He attributed this to a possible loophole in Circular 02 on the selection of auction assets.
Criteria for evaluating the capacity of auction organizations in Circular 02
Land auction in Soc Son district on November 29. Photo: CTV
Mr. L suggested that auctioning individual plots of land in this manner can easily lead to inconsistencies. He proposed that only one round of bidding should be held, and the highest bidder wins, with the option to choose their preferred plot location first. In cases where there are multiple highest bidders, a lottery system can be employed to determine the plot selection order.
The People’s Committee of Soc Son district has instructed the Soc Son District Police to investigate and clarify the motives of a group of customers who bid up three land lots in Soc Son district (Hanoi) to over 30 billion VND per square meter and then withdrew their bids.
According to the Soc Son District Land Development Center, in the fifth round of bidding, some land lots received unusually high bids. Notably, customer P. Ng. T. offered 30 billion VND per square meter for three land lots (A12, A13, and C6).
Additionally, customer Ng. V. D. bid 101.4 million VND per square meter for 13 land lots (B1, B10, B11, B12, B19, C7, A7, A8, A9, A10, A15, A16, and A17).
Two other customers, Ng. T. Q. and Ng. T. Tr., offered 98.4 million VND per square meter for ten land lots (A2, A3, A4, A5, A6, B13, B14, B15, B16, and B17).
Furthermore, customers Ng. T. Q. L. and Ng. Đ. Th. placed bids of 50.4 million VND, 59.4 million VND, 62.4 million VND, and 68.4 million VND per square meter, respectively, for ten land lots (A1, A11, B5, B6, B7, B8, C9, D5, D6, and D7).
However, in the sixth and final round of bidding, 36 land lots did not receive any further bids from customers.
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The three auction plots in Dong Lai village, Quang Tien commune, Soc Son district (Hanoi) attracted bids of up to 30 billion VND per square meter, only to be met with silence in the following round.
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According to the Deputy Director of the Soc Son District Land Development Center, Nguyen Xuan Quy, the land plots range in size from 90 to 224 square meters, with a starting price of over VND 2.4 million per square meter.
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On November 29, with an overwhelming majority of 444 out of 446 National Assembly delegates voting in favor (accounting for 92.69% of the total number of National Assembly deputies), the National Assembly passed the Law amending and supplementing a number of articles of the Law on Planning, Investment Law, Law on Investment in the form of Public-Private Partnership, and the Bidding Law.
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Southern localities are calling for an investigation into the causes of fluctuating real estate prices. They aim to understand and address the factors contributing to price volatility in the region’s diverse property markets. This includes scrutinizing the practice of quick resales, particularly in project areas and apartment complexes, where unusual price hikes have been observed.
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Southern localities are calling for an investigation into the causes of fluctuating real estate prices. They aim to understand and address the factors contributing to price volatility in different property sectors. This includes curbing the practice of quick resales, which has been prevalent in project areas and apartment complexes, leading to unusual price hikes.
