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Last updated: Tuesday, December 11, 2018

 

Real Estate Investors Seek Opportunities in Northern Nha Trang

Posted: Tuesday, November 20, 2018


Instead of developing high-rise property downtown, Nha Trang City is looking northward for its real estate development to tap local tourism potential.

Scarce land in downtown
The property businessmen always think highly of Nha Trang market potential because it gathers all necessary conditions to become an international tourist centre where Nha Trang Bay is rated one of 29 most beautiful beaches on the planet. Local authorities are also preparing procedures to make Nha Trang a strategic hub in the development of Khanh Hoa province on the path to become a centrally-run city by 2025.

Recently, the influx of capital inflows into the Nha Trang real estate market has made the land fund scarce and pushed up prices sharply. Dubbed the “billion-dollar” coastal road, Tran Phu Street is gradually becoming overloaded with high-rise property projects.

A series of giant investors with mammoth projects have turned Nha Trang into an appealing destination, for example, Vingroup with Vinpearl Empire Condotel, Panorama Nha Trang as well as other big projects like Ariyana Smart Condotel and Havana.

The shortage of available land in the downtown will continue, particularly after Nha Trang City People's Committee asked the Khanh Hoa Provincial People’s Committee to suspend licensing high-rise building construction from early November 2018 because high-rise constructions are pressurising technical infrastructure, particularly transport infrastructure.

Construction density management in high-rise buildings is not tight enough. According to regulations, the construction density of high-rise buildings along Tran Phu Street is at most 40 per cent. However, most of high-rise buildings along Tran Phu and Pham Van Dong streets have a construction density of over 60 per cent.

If the halt to high-rise building licensing is approved, not only the land fund is scarce but the supply of resorts, hotels and apartments will be increasingly tighter. The race for “golden land” in Nha Trang City will be increasingly fierce for late-coming investors.

Although Tran Phu Street is 12 km long along the coast, the majority of investors expect to extend this road. The construction of Tran Phu Bridge and Pham Van Dong Road has resulted in the rise of resorts, hotels and restaurants will form a new centre of Nha Trang City.

Focus on Northern Nha Trang
Domestic and European tourists and leisure spots are tending to move towards North Nha Trang as Pham Van Dong Road is typically the most beautiful coastal road in the city.

Capturing the ongoing market trend, in the past two or three years, this place has made great changes in inclusive infrastructure development for resorts, restaurants and entertainment venues such as Ana Marina International, Hon Chong Tourist Resort, Resort Amiana Nha Trang, and Swisstouches La Luna Resort.

According to real estate professionals, Bac Nha Trang-based projects have the advantage of attracting vacation property buyers who purchase second homes for relaxation and business profit. Specifically, advantageously lying on the gateway to Nha Trang City, these projects enjoy easy mobility services. In addition, they directly benefit from added values of adjacent socioeconomic development projects. For example, the location adjacent to the Ana Marina International, capable of serving more than 220 luxury yachts to anchor, will help this place reach many high-class tourists coming from the sea and dock at Ana Marina International for leisure.

In addition, this region has an arterial road intersecting National Highway 1A - an important route for strategic development and leading to appealing tourist destinations such as Monkey Island, Hoa Lan (Orchid) Island and other places of interest in Quy Nhon and Phu Yen for visitors to discovery.

Furthermore, according to the development plan, Co Tien Mountain behind the project will be developed into a world-class tourism with eight subdivisions. This will create a tourist complex where the most prominent is the spiritual site and the park.

Northern Nha Trang has been chosen as an ideal place for international summits, National Tourism Year events to develop MICE tourism to a new high.

Huong Ly








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