The auction for the land use rights of the 18 Cao Bá Quát plot will take place on the morning of December 25th at the Hanoi Land Fund Development Center. This is one of the rare “golden land” plots in Ba Đình district to be auctioned this year.
According to the organizer, the land spans 3,366 square meters, located at 18 Cao Bá Quát, Ba Đình ward (formerly part of Điện Biên ward). As per the approved plan, the winning investor will develop a 5-star hotel project, with a maximum height of 6 floors and a total construction floor area exceeding 15,900 square meters.
The starting price for the land in the first round is 201.7 million VND per square meter, equivalent to a minimum value of 679 billion VND. The price increment for each subsequent round is set at a minimum of 2 million VND per square meter, approximately 6.73 billion VND for the entire plot. The auction must proceed through a minimum of 3 rounds as per regulations.
The projected total investment for the hotel project at 18 Cao Bá Quát is at least 911 billion VND, including 679 billion VND for the land purchase and approximately 232 billion VND for construction costs. Participating organizations must demonstrate financial capability with equity capital of at least 20% of the total investment, equivalent to a minimum of 182.2 billion VND.
In addition to financial requirements, participants must meet experience criteria in project development and deposit 20% of the land’s starting value, approximately 136 billion VND.
The 18 Cao Bá Quát plot was previously allocated to Hanoi Urban Environment One Member LLC for an office complex project. However, the project stalled for years, with Hanoi Inspectorate identifying numerous issues. In 2018, the land was included in the list of 16 projects terminated by the Hanoi People’s Committee.
After years of inactivity, the land is now officially up for auction again, with the aim of attracting capable investors to efficiently utilize this central land resource.
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