On June 12, leaders of the Hanoi Department of Agriculture and Environment confirmed that the Hanoi People's Committee has issued a decision approving the auction results for the right to use 3,366m2 of land to implement the 5-star hotel construction investment project at No. 18 Cao Ba Quat street (Ba Dinh ward, Hanoi).
According to the approved decision, the enterprise won the auction of this "golden land" lot with the amount of 1,379 billion VND, more than double the starting price of more than 679 billion VND. The enterprise participating in the auction deposited over 135 billion VND, equivalent to 20% of the starting auction price of the land lot.
According to the announcement of the organizing unit, the land plot being auctioned for land use rights is 3,366 m2 wide, located at No. 18 Cao Ba Quat, Ba Dinh ward (formerly Dien Bien ward, Ba Dinh district).
The land area will implement a 5-star hotel project, a maximum of 6 floors, with a total floor area of more than 15,900 m2.
The starting price in the first round of the auction is 201.7 million VND per m2, equivalent to from 679 billion VND. The minimum price step for the next round is 2 million VND per m2, equivalent to about 6.73 billion VND for the entire land area. This auction must go through at least 3 rounds.
Organizations participating in land use right auctions must have sufficient conditions as prescribed in Clause 3, Article 125 of the Land Law No. 31/2024/QH15 and Clause 1, Article 55 of Decree No. 102/2024/ND-CP dated July 30, 2024 of the Government.
The conditions include: Being subject to land allocation and land lease by the State as prescribed in Article 120 of the Land Law No. 31/2024/QH15; Ensuring the conditions specified in Article 122 of the Land Law No. 31/2024/QH15 for cases of land lease to implement investment projects; Having capacity and experience in project development; Other conditions as prescribed by law on property auctions;
Groups of companies that are economic groups or parent companies, subsidiaries according to the provisions of the law on enterprises when participating in the auction of a land plot, land area or a project consisting of one or more land plots, must agree to appoint a company belonging to the group of companies to participate in the auction of land use rights; Must pay a deposit equal to 20% of the total value of the land plot, land area calculated according to the starting price to auction land use rights; Not subject to the prohibition of participating in auctions according to the provisions of law...
