Banks reduce prices of luxury apartments to deal with bad debts

 In just over two months, the bank has reduced the price of luxury apartments by more than 1 billion VND to handle bad debts of customers.

The real estate market across the country has recorded a strong momentum after the auction of 4 land lots in Thu Thiem, Ho Chi Minh City in early December 2021. Accordingly, the price of land and apartments in many areas, especially in Ho Chi Minh City, has recorded an increase of 5 to 20% (depending on the area) after this auction information.

However, many banks are still having difficulty in liquidating collateral assets such as luxury apartments to handle bad debts of customers.

Specifically, recently, Agribank Saigon Center branch held an auction for apartment number 11.03, block A2 (A2.11.03), high-rise apartment complex combining trade and service, Giai Viet at 854- 856 Ta Quang Buu, Ward 5, District 8, City. HCM.

The apartment has a floor area of ​​115.51m2, in this auction the starting price has been reduced to only 4.79 billion VND. Equivalent to a reduction of up to 532 million compared to the auction on December 3.

Even the auction price has dropped sharply by more than 1 billion dong compared to the starting price of 5.9 billion dong the bank offered for sale about 2 months ago.

In addition, Agribank Saigon Center branch is also selling an apartment 7.24 Lot H3, Apartment Ward 6, Ward 6, District 4, Ho Chi Minh City with a starting price of 2.7 billion VND.

Besides this apartment, Agribank Saigon Center branch is also selling 06 properties, which are residential land and houses at 20 and 20A1 Tran Cao Van, Da Kao Ward, District 1, Ho Chi Minh City with an area from a few dozen hundreds of square meters. The starting price offered by the bank for these 6 properties is up to 429.7 billion VND.