Recently, a sign selling a plot of land 18.7 meters long and 28 centimeters wide, on Nguyen Van Huyen Street, Quan Hoa Ward, Cau Giay District, Hanoi for 20 billion VND caused a stir in public opinion.

A piece of land as wide as a wall is being sold for 4 times the price of a luxury apartment in Hanoi. The current market price of land on this street is around 350 million/m2.

Mr. Vu Van Thang, a land officer of the People's Committee of Quan Hoa Ward, said that this plot of land is the remaining part of Mr. Tuan's house after the land was cleared for road construction in 2015. Because it is too narrow, the land does not meet the conditions for a construction permit.

This strip of land is located right in front of Mr. Quang’s 140 square meter plot of land. For more than 3 years, Mr. Tuan has erected a fence of corrugated iron and zinc to mark his ownership, while Mr. Quang’s land remains vacant. Some people nearby said they have seen the for sale sign raised and lowered many times.

Recently, after receiving Mr. Tuan's application for land consolidation, the local government agreed to combine this strip of land with Mr. Quang's land behind to form a piece of land of nearly 150 square meters, with a frontage facing Nguyen Van Huyen Street of nearly 20 meters. Mr. Quang then sold the land to a retired official at market price.

The wall (red strip) is located right in front of another plot of land on Nguyen Van Huyen street, priced at 20 billion VND.

"With this length and width, if not combined, Mr. Tuan's land can only be used to hang a few picture frames or build a fence. Mr. Quang's land, if not facing the street, will cost about 70-80 million VND/m2. After buying the frontage, the value can be up to 400 million VND/m2. Therefore, the value of the 28 cm "wall" is difficult to predict and can be sold for 20 billion or more," said Ms. Vu Ngoc Nga, a member of the Hanoi Real Estate Association.

Mr. Nguyen Van Cung, a long-time real estate businessman in Hoan Kiem district, added: "Not only on expensive streets like Nguyen Van Huyen, but in any city, suppose the land behind the 'wall' is 100 square meters wide, worth 15 billion VND, when it comes to the street, the price increases from 250 million/square meter, I will buy it because I can make a profit of at least 5 billion". He also said that there was a 2 square meter house in Hoan Kiem district that was sold for 10 billion VND.

According to Mr. Le Manh Tien, vice chairman of Quan Hoa ward, in cases of land that are interlaced and stuck like Mr. Tuan's, if people do not negotiate to transfer and combine the plots, they will be reclaimed to build public works such as bulletin boards, bus stations, ATM locations...

According to Mr. Tien, after clearing the Nguyen Van Huyen street, there were about 25 narrow plots of land like the above being offered for sale at high prices, many households were blocked by these plots of land. Currently, there are still about 4 similar plots of land that have not been resolved.

* Character names have been changed.