Bank fails to sell Hanoi $2M penthouse in three auctions

By Anh Tu January 11, 2024 | 02:02 am PT

Vinhomes Metropolis on Lieu Giai Road, Ba Dinh District, Hanoi. Photo courtesy of Vinhomes

VietinBank is set to auction a penthouse with prices starting at VND54.1 billion ($2.2 million) in Hanoi for the fourth time, following three unsuccessful attempts to sell this collateral property.

The five-bedroom penthouse is on the 44th and 45th floor of Vinhomes Metropolis building in Ba Dinh District.

It is a 456-square-meter apartment with a private pool and a view of West Lake.

The fourth auction is scheduled for Jan. 18. At VND54.1 billion starting price, or VND118 million per square meter. The price is down 8.76% from the last auction.

There was no participant in the last three auctions. Banks have been struggling to sell collateral amid a frozen property market.

Last year, an HCMC-based bank tried to sell 20 apartments, including 10 penthouses, several times without success.