VietNamNet Bridge - A series of real estate projects in advantageous positions in Da Nang City and coastal areas left idle for the last 10 years have changed hands recently.

About 10 years ago, the central city of Da Nang witnessed a wave of investors from HCMC flocking there to develop coastal projects. Da Nang authorities hoped that the huge projects would help change the face of the city and turn it into a Hong Kong or Singapore in Vietnam.

The names of Hyatt Regency, Montgomerie Links, One Poera Danang, Danang Golf Club and Indochina Riverside were the most wanted at that time.

A series of real estate projects in advantageous positions in Da Nang City and coastal areas left idle for the last 10 years have changed hands recently.

A series of groundbreaking ceremonies starting construction of the huge projects, capitalized at hundreds of millions of dollars, took place in the ‘golden land plots’ in the central area of the city.

However, the $200 million Vien Dong Meridian Towers project, kicked off in 2008, has only seen the building’s foundation completed. As for the commercial complex at Chi Lang Stadium developed by Thien Thanh Group with estimated investment capital of VND4 trillion, the owner of the group has faced legal charges.

As the real estate market froze due to the economic crisis, the promising projects on the golden land plots became dormant. 

However, analysts say they will revive soon as investors, who have noted the first signs of real estate recovery, have begun injecting money into the projects.

Since late 2015, many big tycoons from Hanoi have been flocking to Da Nang, spending trillions of dong to take overpending projects owned by investors from HCMC and foreign investors.

Hyatt Regency project, with 400 villas, hotel rooms and apartments, for example, has been sold by Indochina Land to Gaw Capital. Meanwhile, the 10-hole Montgomerie Links golf course and 66 high-end villas have been sold by Indochina Land to TBC Group for $25.5 million.

Another big deal made recently was the takeover of One Poera Danang, the 5-star street-front hotel with 200 rooms. The buyer was Success Dragon which paid $31.4 million.

Many other projects along the coastal street of Vo Nguyen Giap, including the Anh Duong Complex, located in a very advantageous position, also changed hands in late February.

The most valuable deal was the transfer of the World Trade Center Da Nang complex with the announced value of $325 million.

Tran Ngoc Thanh, General director of Dat Xanh Mien Trung, said that 70 percent of projects had restarted after many years of interruption.


Viet Tai