Melinh District Land Auction Surpasses 50 Million VND per Square Meter, Hundreds of Lots Anticipate the Arrival of Ring Road 4

Melinh District Land Auction Surpasses 50 Million VND per Square Meter, Hundreds of Lots Anticipate the Arrival of Ring Road 4

Melinh District (Hanoi, Vietnam) has recently successfully auctioned off 30 plots of land, with one achieving a sale price of over 50 million VND per square meter, nearly double the starting bid. These plots are located at point X2, residential group 4, Quang Minh town, and the Quan Cho area, Bong Mac village, Lien Mac commune, Melinh District.

Among them, 4 plots in Quang Minh town ranged from 125 to 129 square meters, with starting prices between 26 to 27 million VND per square meter. The 26 plots in Lien Mac commune varied from 100 to 143 square meters, with starting bids from 19 million to 22.5 million VND per square meter.

Both areas are strategically located, boasting convenient transportation systems, proximity to schools, community markets, and with already well-developed infrastructure and technical facilities.

After the auction, all 30 plots were successfully sold, with final prices ranging from 20.6 million to 50.5 million VND per square meter.

From this auction, Melinh District garnered a revenue of 130 billion VND, 60 billion VND above the starting bids. Thus, the average value per plot exceeded 4.3 billion VND.

This year, Melinh District plans to auction approximately 500 plots of land. These plots are all strategically located in anticipation of the upcoming Ring Road 4 project. The revenue from the land use rights auctions will be invested in infrastructure development to promote economic and social systems, aiming to meet the criteria to become a district after 2025 and a city under direct central management after 2030. The approximately 500 plots planned for auction are located in the communes of Kim Hoa, Lien Mac, Tam Dong, and Trang Viet. These lands are within the rural residential planning area, have been cleared, and allocated by the municipal government.

In 2022, amidst a downturn in the real estate market and the land fever past its peak, land auctions in Melinh District still set a new record. Among them, a plot at point X1, residential group 2, Chi Dong town, reached the highest sale price of 93 million VND per square meter.

However, the plots that fetched between 85 million to 90 million VND per square meter are not typical for Melinh District. Only a few plots across the district were sold at such historic prices. These plots are in convenient locations with less market supply, thus were quickly purchased. However, these prices do not represent the overall market.

Besides these high-priced plots, many others required multiple auctions.

Regarding whether the land auction heats up due to the Ring Road 4 project, the leadership of Melinh District Land Development Center stated that the land auctions in the recent period have been normal, with no sudden fluctuations.

The current auction prices for land in Melinh District are about 20-30 million VND per square meter, which is not considered expensive compared to Dong Anh or other areas in Hanoi.

Many factors attract investors to participate in land auctions. For example, the auction unit proactively provides information, and the starting prices are close to market rates. Additionally, considering the location and development needs of the district, there are still many opportunities for growth. These are also factors that attract investors to Melinh District land auctions.

For more information about real estate projects in Ho Chi Minh City and neighboring provinces, please contact FTT LAND!

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