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Yesterday's land auction in Soc Son district, Hanoi recorded 3 lots with bids of up to 30 billion VND per square meter, but then the bidders withdrew their deposits.
On November 29, the Soc Son District Land Fund Development Center coordinated with Thanh Xuan Joint Auction Center to auction 58 land plots in Dong Lai village, Quang Tien commune, Soc Son district.
By the 5th round, someone had written a land price of more than 30 billion VND/m2, an unprecedented high. Specifically, plots of land with codes A12, A13 and C6 were all paid: 30,002,488,000 VND/m2. More than 20 other plots of land were also pushed up to a level from more than 98 million VND to over 101 million VND/m2.
However, in the 6th round - the final round to determine the winning price, the group of customers who "shouted" high prices all refused to pay, causing the auction of the land plots to fail.
In the end, only 22/58 plots of land were successfully bid, with prices ranging from 32 - 50 million VND/m2.
A leader of the People's Committee of Soc Son district said that when the auction of 58 plots of land reached the 6th round of bidding, it was determined that a group of customers had "sabotaged" behavior. Accordingly, many people had paid very high prices in the previous auction rounds, then in the 6th round, they paid 0 VND and did not continue to participate in the auction.
However, the auction continues, these lots will be auctioned again in the near future.
The 58 plots of land auctioned today have areas ranging from 90 - 224 square meters, with starting prices of VND2.4 million/square meter.
The deposit for each land plot auction is equal to 20% of the auctioned land plot value according to the starting price, equivalent to 223 million VND to nearly 550 million VND/plot.
Over the past 3 months, many land auctions in districts on the outskirts of Hanoi such as Thanh Oai and Hoai Duc have caused a stir in the market when the winning prices were many times higher than the starting prices, with the highest being over 100 million VND/m2. These localities then stopped organizing auctions to review legal conditions at the request of competent authorities.
After a review period, from mid-September until now, many districts have started to auction land again. The auctions are showing signs of "cooling down" gradually as both the number of applications and participants have decreased. The winning bids are also not as high as before.
