VietNamNet Bridge - A number of real estate projects in the central city of Da Nang, pending for many years, have been reactivated by new owners. 

The Da Phuoc – Da Nang sea urban area project has been transferred by Daewon Cantavil, the initial investor, to Novaland and its partners after one decade of being idle.

Soon after the transfer deal wrapped up in late 2016, the new owners changed the project name from D-City to The Sunrise Bay.

It is the largest sea urban area in the central region with total area of 210 hectares, capitalized at $250 million However, the new owners plan to use 180 hectares of land only. The revival of the project is hoped to change the face of Da Nang.

Prior to that, the real estate market was stirred up by PPCAT’s announcement that it would spend VND10 trillion to build Anh Duong-Soleil apartment & hotel complex on a 21,800 square meter coastal ‘golden’ land plot.

A number of real estate projects in the central city of Da Nang, pending for many years, have been reactivated by new owners.

The golden land plot had been reserved for a project to be developed by HUD Holdings. However, the investor has done nothing over the last five years.

According to the new owner – PPCAT – there will be a 47-storey, two 58-storey apartment blocks and one 47-storey apartment – hotel building with 1,000 apartments on the land area.

A series of M&A deals in the real estate sector were made recently in Da Nang. Dat Xanh Mien Trung joined with Sai Gon – Da Nang Investment JSC to develop An Vien Da Nang project and renamed it Ngo Quyen Trade Center. 

Meanwhile, Ecorio-Da nang has changed its name to Cham River Park and The Summit has been renamed Son Tra Ocean View.

Most of the projects changed names after they were transferred to new owners so as to fit the new strategies. The renaming won’t affect project development. However, in some cases, the new owners changed names just to get rid of the poor reputation.

However, Hoang Quan said this won’t determine the success of projects. “Only good products of prestigious investors will sell,” he said.

Meanwhile, an analyst said it was too early to say that transfer deals would warm up the Da Nang real estate market, because he was not sure that new investors would implement the projects. 

He also said that in many cases, the new investors had completely changed projects.

Olalani Riverside Towers is an example. The $45 million project was transferred by My Phat to PetroVietnam Finance Company and later to Sungroup which decided to develop a complex of offices and a sports area.

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