VietinBank reduces price of $2.1M Hanoi penthouse in debt recovery effort

By Anh Tu   February 25, 2024 | 03:00 pm PT
VietinBank reduces price of $2.1M Hanoi penthouse in debt recovery effort
VietinBank is set to auction a penthouse in Hanoi for VND53.5 billion (US$2.1 million), marking a nearly VND6 billion decrease from its price a year ago, after failing to sell the property in four previous attempts.

Located in the Vinhomes Metropolis building in Ba Dinh District, the luxurious five-bedroom penthouse spans the 44th and 45th floors and features 456 square meters of living space, including a private pool and a view of West Lake.

The property, serving as collateral from a private enterprise, showcases a neoclassical interior design with wooden staircases and gold-plated railings.

Initially offered in February 2023 for over VND59 billion, the penthouse's price cut comes as part of a broader trend where banks are struggling to liquidate high-value real estate collateral amidst a sluggish property market.

Current secondary market prices for apartments in prime Hanoi locations like Vinhomes Metropolis range from VND100-120 million per square meter.

This situation echoes difficulties faced by other banks, including a Ho Chi Minh City-based institution that unsuccessfully attempted to sell over 20 apartments, including 10 penthouses, even after price reductions.

 
 
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