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Property developers change tack
Property developers have shifted their investment to the promising real-estate segment of condo-hotels, according to a report in the Thoi bao kinh te Viet Nam (Vietnam Economic Times) newspaper.
Condo-hotels (Or condo-tels) are typically high-rise buildings developed and operated as luxury hotels that include condominiums. They are usually located in major cities and resorts.
Condotels are popular in Miami, Las Vegas and New York City in the US, as well as Germany and the UAE.
Development of such buildings could become more common in Viet Nam, which has 3,260 kilometres of coastline and many attractive beaches.
The Best Western Premier Nha Trang Plaza Hotel condotel project by Havana JSC, in collaboration with Best Western Corp, features a 40-storey building with 240 luxury apartments that have areas of 126-280sq.m each.
It is under construction and expected to be completed by early central next year.
Another project, Olalani Resort and Condotel project adjacent to Da Nang City's North My An Beach, funded by United Trust Viet Nam Group and PetroVietnam's Joint-Stock Financial Corporation, includes three large-size villas, 88 high-end apartments and 197 hotel rooms, with many services such as a spa, golf course and sport centre.
It was put into operation last year.
In central Binh Thuan Province's Phan Thiet City, Rang Dong Construction Corporation has built the 5-star Ocean Vista Condotel, which is expected to be completed by the end of next year.
Apart from hotels and villas, the project includes six blocks of buildings with 557 apartments, which have an area of 80-250sq.m each.
According to Rang Dong Corporation, Ocean Vista will bring opportunities for rental investment and holiday exchange to buyers.
Ocean Vista is the only project in Viet Nam in which buyers can also rent rooms in one of 5,000 resorts in 100 countries through a room exchange network managed by Resort Condominium International.
In the near future, Thang Long Song Da Joint-Stock Company will launch the Condotel Dragon-Pia project in central coastal Nha Trang City. It covers an area of nearly 22,000sq.m in An Vien sea-tourist complex.
The project, which is scheduled to be completed by 2013, includes 240 luxury apartments with the services and facilities of a four-star standard.
Nguyen Tri Dung, general director of Thang Long Song Da Joint Stock Company, said Nha Trang was an ideal place for building condo-hotels.
However, most investors are currently focusing on developing only luxury villas or apartments, and not hotels.
The four-star condotel segment is expected to bring more profit to investors, he said.
Property experts said the condotel projects attracted investors because they can recoup their investment quickly through hotel services, apartment rentals and sales.
For customers, they can own an apartment and enjoy preferential treatment, as well as discounts on hotel services.
vietnamnews
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