Hanoi suburban district sells land in all-night auction

The plot in the western district of Hoai Duc was among 19 auctioned by local authorities starting Monday morning.

The auction ended up going through the night before ending at 4.30 a.m. Tuesday due to the large number of bidders and bidding rounds. The bidding was done by secret ballots which were examined manually.

The highest bid of VND133.3 million for a 113-square-meter piece of land was 30 times the reserve price.

The winning bidder has to fork out VND15.1 billion. Most of the remaining lots fetched more than VND100 million per square meter.

Analysts said the 19 lots are located in prime areas and already have basic infrastructure like roads, electricity and sewerage.

The proposed fourth ring road is only 100 meters away from these lots. The winning bidders have 30 days to pay in full or will forfeit their deposit.

Hoai Duc authorities expect to earn VND186 billion from the auction if all bidders follow through with their payment.

Many villas and urban areas are being planned or have already been built in the district, which is 15 kilometers from downtown. It has an area of 82 square kilometers and a population of 230,000.