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Why property developers flock to Da Nang
Signs of economic recovery have led to new foreign investment in property development projects, including apartments, office blocks, high-end hotels and resorts in central Da Nang City.
Most of the projects will be completed in the next two or three years, and will be jointly invested in by renowned names such as Hyatt, Intercontinental and Raffles.
Aware of the promising profit in property market in the city, several multinational groups including Indochina Land and Nam Hai Group of Viet Nam have pledged investment in residential and entertainment complexes, trading centres, office buildings and deluxe villas and resorts.
Da Nang’s attraction includes its strategic position, with ports and airports, beautiful beaches, modern infrastructure, fast economic growth and governmental preferential policies for both foreign and domestic investors, property developers have said.
Taking advantage of this, the city has begun to develop high-quality property development projects, such as deluxe hotels, villas, apartments and office buildings.
Despite the negative impact of the global financial crisis and recession, Viet Nam was ranked fourth by the World Travel Council in the list of countries with high growth in the tourism industry.
The national tourism industry accounted for 13.6 per cent of the country’s GDP growth in 2008. Da Nang alone received 1 million domestic tourists last year.
The number of cruise ships docking at the Da Nang Port increased from 26 to 57 in the last two years.
Da Nang’s advantages include its position as a gateway to the central provinces and its cultural and historic relics, including the nearby ancient town of Hoi An, Ngu Hanh Son Mountain and other scenic spots.
With investment in transport facilities, the Da Nang International Airport has become the country’s third biggest airport, with direct links or transits to major airports in Bangkok, Singapore, Seoul and Hong Kong.
Property developers say that in coming years when the global economy recovers.
A massive inflow of foreign investors will come to Viet Nam to invest in the Da Nang property market to meet the increasing demand for residences, offices and resorts.
vietnamnews
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