Vietnam Travel – Da Nang

Da Nang witnessing new investment wave in trade-office complexes December 18, 2008

Investors have registered some 20 investment projects in trade-hotel-office complexes in the central city of Da Nang which have the investment capital of several billion dollars in total.

No more room in ‘golden land area’

Ho Quang Dung, General Director of Indochina Riverside Towers, said that his company would officially put Indochina Riverside Towers, a trade-office-apartment complex, into operation in March 2008. This is one of the first and biggest complexes in Da Nang, capitalized at nearly $30mil. The project has ignited the tendency of building complexes in the city.

Located on the Han riverside, the complex consists of the twin towers, which will be function as the shopping centre, provide 95 high-grade apartments and 8,500 sq m of offices for leasing. To date, nearly 100% of the apartments, offices and shopping areas at the complex have been occupied.

Vinh Trung Plaza is not located on the Han riverside like Indochina Riverside Towers, but it is situated on the most crowded area in the centre of the city. Thanks to its favorable position, Vinh Trung Plaza is the ideal place for developing trade and hotel services, and leasing offices.

Nguyen Thi Chi, General Director of Duc Manh Investment Joint Stock Company, which has injected $50mil in the project, said that the investor has met a lot of clients who want to lease apartments and offices. French retailer Big C has decided to lease four stories of the building, and Big C’s supermarket was opened at the end of 2007.

Meanwhile, Vietnam Electricity Construction Joint Stock Corporation (VNECO) is planning to put Green Plaza, the complex of hotel and offices for leasing on Bach Dang Road in March 2008.

A lot of big projects are under construction in Da Nang City. These include the complex of three 38-storey towers Golden Square ($62.5mil) invested by Dong A Real Estate Company; Foodinco Plaza (VND600bil) invested by Foodinco. Especially, Da nang will have a complex of five star hotels, offices for leasing and trade centres, called Viendong Meridian Towers. This will be a very big project, consisting of two 48-storey buildings at 84 Hung Vuong Road. Vien Dong Land, the investor of the project, plans to inject $180mil in the towers, the construction of which is planned to kick off in the second quarter of 2008 and will be completed in the fourth quarter of 2010.

To date, all the golden land areas in the centre of Da Nang City have been fully occupied. The new buildings, which will arise in five or ten years, will create a new face to the city, more modern and more beautiful.

Eyeing coastal areas

Late investors, who cannot get the golden land plots in the centre of the city, are now eyeing the land plots on the tourism routes along the coast. Son Tra – Dien Ngoc area is now considered the golden strip of land, which a lot of investors have been eyeing to build international-standard complexes of resorts and apartments. The total registered investment capital of the projects has reached nearly $1bil.

Furama resort Da Nang, which has been very successful in Vietnam, is planning to expand the resort by 28 ha with the ambitious plan to build hotels, luxury apartments and shopping centres right on beaches.

Near the expanded Furama resort will be the $25mil complex of resorts and luxury apartments Olalani, invested by My Phat Company, which is nearly complete; and $100mil Raffles resorts and apartments, invested by Vegas Hotel & Villas. Especially, there will be the $50mil international-standard entertainment complex Silver Shores Hoang Dat, which comprises a 600-room five star hotel, international convention centre, and 50-villa area.

Most recently, the Corporation for Financing and Promoting Technology, a well-known brand name in technology development, has also announced the investment deal with $1bil on a technological urban area at Hoa Hai ward in Ngu Hanh Son district in Da Nang City.

Besides, the golden strip of land along the coast has also been drawing the special attention from many other investors, like VinaCapital or Indochina Capital. Most investors plan to develop complexes of trade, offices and apartments in order to take full advantage of the areas.

Da Nang City’s authorities have been encouraging investors to the city, hoping that the investment boom will help create a lot of modern complexes that will make the city more dynamic in the future.