Soc Son re-auctions land plot that was once bid at 30 billion VND/m2

In the new auction, Soc Son district ( Hanoi ) has raised the starting price of land lots and changed the auction format. This is expected to prevent groups from colluding to raise or lower prices.

In the new auction, Soc Son district (Hanoi) has raised the starting price of land lots and changed the auction format. This is expected to prevent groups from colluding to raise or lower prices.

Thanh Xuan Joint Stock Auction Company has just announced the auction of the right to use 36 plots of land in Dong Lai village, Quang Tien commune, Soc Son district (Hanoi). The area of the plots ranges from 90 - 220.6 m2. The starting price is over 9.1 million VND/m2, nearly 7 million VND higher than the previous auction.

Thus, each plot of land will have a starting price of 821 million - 2 billion VND. The corresponding deposit will be from 164 - 400 million VND/plot.

Instead of a minimum of 6 rounds of auction with a price step of 3 million VND/m2 as before, the new auction will be held in the form of direct voting in one round, with a price step of 100,000 VND/m2.

The deadline for receiving auction registration documents is March 5. The auction will be held on March 8.

In December 2024, the land auction in Dong Lai village, Quang Tien commune caused a stir in public opinion when someone offered a price of up to 30 billion VND/m2. After that, the Investigation Police Agency - Hanoi City Police temporarily detained and investigated 5 related subjects for violating regulations on property auction activities.

Price paid in round 5. Photo: Character provided

According to the testimony, before the auction, the subjects determined the winning price to be only about 30 million VND/m2. To control the auction results, the subjects agreed on the price through 6 mandatory rounds.

Specifically, if in round 4, the price offered by investors is higher than 30 million VND/m2, then in round 5, they will offer a sudden high price to win overwhelmingly. Then in round 6, the group will agree to withdraw and not continue participating in the auction. The purpose is to prevent the land lot from being won.

With this trick, 36/58 plots of land were paid up to nearly 100 million VND/m2 by the above subjects in collusion. Some plots were even paid up to 30 billion VND/m2.

Source: https://baodautu.vn/batdongsan/soc-son-dau-gia-lai-khu-dat-tung-bi-tra-gia-30-ty-dongm2-d247186.html