Property giants eye irresistible Da Nang

05/07/2008 -- 10:25 PM

Da Nang (VNA) – Domestic and foreign companies are flocking to Da Nang to invest in large property projects worth millions of dollars, investment officials said. In the first half of the year, the central city has issued incorporation licences to 1,177 Vietnamese investors with total capital of 5.5 trillion VND (330 million USD), an 85 percent year-on-year growth. Also licensed were nine foreign direct investment (FDI) projects worth 743 million USD. Several giant property projects are underway in Da Nang . Among them is the Golden Square , a complex of three 38-storey towers being built at a cost of 62.5 million USD by Dong A joint stock real estate company. Others include the Da Nang Centre, a shopping complex, office block and hotel, the 225 million USD Han Riverside project by the Vu Chau Long Real Estate company, and the 180 million USD, 48-storey Vien Dong Meridian tower complex. Major players like Vinacapital and Indochina Capital have entered the fray, developing projects like the 27 million USD Indochina Riverside Towers and 50 million USD Hyatt Regency Da Nang, an international tourist area. Korean investors too find Da Nang attractive, pumping money into some large property projects. Deawon Corporation is building the Da Phuoc new urban area project at a cost of 250 million USD and a 30 million USD apartment block south of Tuyen Son bridge. Rombus Inc. and Union Network Co. have agreed to jointly invest 600 million USD to build a residential-commercial complex in urban area No.4. But investors are nevertheless pressing the local government to simplify construction and help them complete the projects on schedule given the high inflation rate.-Enditem
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