On December 13, Me Linh District (Hanoi) will organize an auction of land use rights for 4 plots of land in Ao Dau area, Trang Viet village and 7 plots of land at Point X1, Dong Cao village, Trang Viet commune, Me Linh District, Hanoi City. The plots of land have an area of 92 - 1,111 m2/plot with a starting price of 1.5 million VND/m2.
The auction will be held at 8:30 a.m. on December 13 at the hall of the Cultural - Information and Sports Center of Me Linh district, located in Dai Thinh Commune, Me Linh district, Hanoi.
On December 19, Me Linh district continued to auction the land use rights for 11 plots of land at Point X1, Dong Cao village, Trang Viet commune, Me Linh district, Hanoi. The plots of land have an area of 100 - 155 m2/plot with a starting price of 1.5 million VND/m2.
On December 26, the district continued to auction 11 plots of land at X1, Dong Cao village, Trang Viet commune, Me Linh district, Hanoi city. The plots of land have an area of 87.4 - 142m2, with a starting price of 1.5 million VND/m2. The auction was conducted by direct voting in multiple rounds at the auction and a minimum of 5 mandatory rounds.
Thus, the starting price of these three auctions is 1.5 million VND/m2. This is the lowest starting price compared to recent land auctions in Hanoi. Accordingly, the land auction in Hoai Duc district starts at 7.3 million VND/m2, Ung Hoa ranges from 6 million to 7.2 million VND/m2, Thanh Oai district starts at 5.3 million VND/m2.
Mr. Nguyen Quoc Hiep - Chairman of the Vietnam Association of Construction Contractors - commented that the starting price in auctions in Hanoi is low and needs to be raised.
"For example, in the Thanh Oai area (Hanoi), if the average land price is around 30-40 million VND/m2, then the initial starting price of around 20 million VND/m2 would be reasonable. In addition, it is necessary to increase the deposit rate to around 50% and shorten the time to pay the winning bid. This will limit cases of blatant price inflation," said Mr. Hiep.
