Land lots auctioned in Hanoi suburban commune fetch average of 3.5 billion VND each

On the morning of July 11, Ung Hoa commune successfully auctioned 34 land lots and expects to collect nearly 119 billion VND, equivalent to an average of 3.5 billion VND per lot.

The 34 auctioned land lots are located in Dong Truoc Duoi area, Hung Vuong village, Ung Hoa commune (formerly Dong Dinh village, Dai Cuong commune, old Ung Hoa district). The auction was organized by the commune’s Investment and Infrastructure Project Management Board in coordination with Lac Viet Auction Partnership Company.

65 customers attended the event. The 34 land lots put up for auction have a total area of nearly 4,200 square meters, corresponding to an average of about 123.5 square meters per lot. The starting price of the land lots was over 8 million VND per square meter. The price step in the second and third rounds was 17 million VND per square meter.

At the end of the auction, all 34 land lots were successfully sold. Among them, the lowest winning bid was about 25 million VND per square meter. The highest price was recorded at 41.22 million VND per square meter, more than 5 times the starting price.

Investors cast their bids at the auction on July 11. Photo: People’s Committee of Ung Hoa Commune

If investors pay in full, Ung Hoa commune expects to collect nearly 119 billion VND. This price is equivalent to an average winning price of 3.5 billion VND per land lot. This money will create an important resource for the locality to invest in infrastructure development and improve the quality of public works.

Ung Hoa commune confirmed that the entire auction process took place seriously, safely, and in accordance with regulations, under the supervision of the Party Committee, People’s Council, People’s Committee of the commune, and functional agencies. Located at the southern gateway of the capital, Ung Hoa is more than 40 km from the center of Hanoi. After the merger, the commune has a natural area of 67.8 square kilometers and a population of about 63,750 people.

Last year, Hanoi set a record for land revenue with 107,900 billion VND, exceeding the estimate by nearly 125% and 2.6 times higher than that of 2024. Land revenue accounted for about 15% of the city’s total budget revenue.

From now until 2030, Hanoi plans a total budget revenue of about 3.7 million billion VND. Thus, with the above plan, land revenue could contribute 21.6% to the total budget revenue. This year alone, the city expects this revenue source to increase by 40%, reaching 150,000 billion VND.