Land auction in Quoc Oai district highest price 55 million VND per square meter

The Quoc Oai District Land Fund Development Center has just organized an auction of 54 plots of land in Son Trung village, Yen Son commune (about 24 km from Hoan Kiem district) with a total area of ​​nearly 5,200 m2. The plots of land have an area of ​​92 to 121 m2, with a starting price of 12.5 million VND per m2.

The auction had nearly 300 customers with more than 1,000 applications. This means that a plot of land had more than 5 interested customers. To own the plot of land, investors must go through at least 5 rounds of bidding, with each step having a minimum price of 2 million VND per square meter. The auction only ends when there are no more bidders. This regulation is to prevent participants from colluding and winning at low prices.

After 12 rounds of auction, 54 plots of land were successfully auctioned with the highest price reaching nearly 55 million VND per square meter, 4.4 times higher than the starting price. The lowest winning price was nearly 45 million VND, 3.6 times higher than the starting price. The total amount of money that Quoc Oai district collected from the auction was nearly 243 billion VND, a difference of nearly 180 billion VND compared to the starting price.

Since the beginning of the year, Quoc Oai has successfully organized 4 auctions, raising more than 420 billion VND. For example, at the end of April, the district also successfully auctioned 34 land lots in Can Huu and Sai Son communes, in which the highest winning price was more than 74 million VND per square meter, about 40% higher than the starting price.

The Director of the Land Fund Development Center of Quoc Oai District said that in the last three months of the year, the district will organize three more land auctions in Tan Phu and Sai Son communes, with a total area of ​​about 9,000 square meters. The total expected revenue from land auctions is about 600 billion VND.

Recently, land auctions in suburban districts have tended to cool down compared to two months ago. In the recent auction of 27 land lots in Phuc Tho district, 25 lots were successfully auctioned with the highest winning price of nearly 26 million VND per square meter, a 30% difference from the starting price. The remaining two lots were unsuccessfully auctioned.

Meanwhile, more than two months ago, in the outlying districts of Thanh Oai and Hoai Duc, consecutive land auctions caused a stir in the market when the winning price was many times higher than the starting price, with the highest being over 100 million VND per square meter. These localities then stopped organizing auctions to review legal conditions, at the request of competent authorities.

To date, out of 68 auctioned lots in Thanh Oai district, only 13 investors have paid even though the payment deadline has passed. These lots only have winning prices ranging from 51.6 million to 55 million VND per square meter. The remaining 55 lots with winning prices ranging from 80 million to over 100 million VND per square meter have all forfeited their deposits and not paid.