What’s the Land Price in Soc Son near the ‘3-billion VND per square meter’ Auction Area?

It is understood that the auctioned land in Dong Lai village, Quang Tien commune, Soc Son district, Hanoi, has two sides adjacent to the residential area and two sides bordering the fields of the people. This land is located about 40km from the center of Hanoi and nearly 10km from Noi Bai airport. The land is currently under construction and completing technical infrastructure, with many items still unfinished.

According to many real estate brokers in Soc Son district, land prices in the surrounding area range from VND 20-40 million/sq. m.

Specifically, a business frontage lot on the asphalt road in Dong Lai village, Quang Tien commune, is being offered at VND 40.21 million/sq. m. As for locations in an alley about 4 meters wide, the price is VND 20-25 million/sq. m. Positions in smaller and deeper alleys are below VND 20 million/sq. m.

” I believe that the winning bid price of VND 32-50 million/sq. m in the past few auctions is quite close to the market price in this area. But offering VND 30 billion/sq. m is clearly intended to sabotage because even land in the center of Hanoi, in the Hoan Kiem area, does not have such a price “, said a broker.

Meanwhile, according to data from real estate buying and selling channels, the price of land in Soc Son in November ranged from VND 22-45 million/sq. m, up 43.8% over the past year.

Regarding the group that offered VND 30 billion/sq. m, a leader of the People’s Committee of Soc Son district said that in the auction of 58 land plots, by the sixth round of bidding, it was identified that a group of customers had “sabotaged”. Accordingly, many people bid very high in the previous rounds and then bid VND 0 in the sixth round, no longer participating in the auction.

Also according to this leader, although the auction was disrupted, it still continued, and these plots will be re-auctioned in the near future.

Meanwhile, on December 3, Hanoi police temporarily detained five people related to the case of offering VND 30 billion/sq. m for the auctioned land in Soc Son. According to their statements, before the auction, these people determined that the price was only about VND 30 million/sq. m, so to manipulate the auction results, they agreed on a price after the sixth mandatory round of bidding.

Specifically, if by the fourth round, the price offered by investors is higher than VND 30 million, in the fifth round, they will offer a very high price to win overwhelmingly. By the sixth round, they will agree to stop participating. The purpose is to prevent the land from being successfully auctioned.

With this tactic, 36/58 land plots were colluded, and the price was raised to nearly VND 100 million/sq. m, and then they stopped bidding. Some even offered up to VND 30 billion/sq. m.

Previously, in March, a land auction in Hoai Duc was canceled due to signs of violations. Accordingly, in the first round of the auction, 15/33 land plots were offered at VND 100-180 million/sq. m, up from the starting price of only VND 57-62 million/sq. m.

Then in the second round, the highest bidder did not bid to deliberately lose the right to bid, creating conditions for the lower bidder in the first round to win. Considering that the customers showed signs of violating the regulations on asset auction, the organizing committee sealed all registration dossiers and bid sheets for participation in the auction to transfer them to the police for investigation and handling in accordance with the law.