Sacombank has repeatedly failed to sell properties belonging to Xi Grand Court project (District 10, Ho Chi Minh City). Photo: Cat Linh Group.
In its list of assets being auctioned to recover debts, Sacombank is offering 19 apartments in the Xi Grand Court project (256-258 Ly Thuong Kiet, Ward 14, District 10, HCMC) for auction.
Notably, this set of apartments has been previously auctioned multiple times by Sacombank, with a continuously decreasing price, but still with no buyers.
In this latest auction, the starting price for the set of 19 apartments has been reduced by VND 2 billion, with the starting bid for the entire set being VND 77 billion, equivalent to a net reduction of nearly 4% compared to the previous auction.
Among the apartments, 9 units with 1-3 bedrooms have been basically completed, while 10 Penthouse units are still in their raw state.
Specifically, the unfinished Penthouse units are being auctioned for starting prices ranging from VND 5.1 to 7.5 billion. One of them, a 2-story Penthouse unit with 4 bedrooms and 4 bathrooms on floors 28 and 29 of Building B, with a total area of 165 m2, is being auctioned for VND 7.49 billion, a nearly 3% decrease compared to the previous auction.
Another Penthouse unit with a lower starting price is a 2-bedroom, 3-bathroom unit on floors 28 and 29 of Building B with a total area of 113 m2, being auctioned for VND 5.14 billion, equivalent to nearly VND 46 million/m2.
Meanwhile, two of the apartments in this set are being auctioned at the lowest starting price, including a 53 m2 unit with 1 bedroom and 1 bathroom in Building C, which has been basically completed and is being auctioned for VND 2.39 billion, a nearly 7% decrease compared to the previous auction.
In July 2020, this set of properties was first auctioned by Sacombank with a starting price of VND 100.8 billion. After 3 years with 9 unsuccessful auctions, the price of this set of properties has been reduced by nearly VND 24 billion, equivalent to 31%.
In the same project, Sacombank is also selling an additional 870 m2 of commercial floor space on the 5th floor with a starting price of VND 41 billion, which is also lower than the previous auction. At the same time, over 13,000 m2 of basement floor space (B1) is being auctioned for a starting price of VND 220 billion, a reduction of up to VND 84.1 billion, and over 2,000 m2 of commercial and service floor space on the 7th floor is being auctioned for a starting price of VND 104 billion, a decrease of nearly VND 3 billion.
Source: Vietnam Insider