1:14:32 PM | 16/11/2007
Danang city authorities on November 13 granted investment licenses to a South Korean Daewoo company to build an urban area at a total cost of US$250 million, local Young People newspaper reported.
The company will build the Da Phuoc International Urban Area on an area of 390 hectares, which is stretching from the west of the city to Danang Port.
The area, the first land reclamation project in Danang, will include a resort, an 18-hole golf course, shopping malls, hotels, a 60-storied office building, blocks with 8,500 apartments and an international school.
The area is one of the three real estate projects got investment licenses so far this year besides a US$325-million hotel-trade complex by London-listed VinaCapital Infrastructure Fund and Ngu Hanh Son Resort worth US$78.1 million by Indochina Land.
The project is Daewon’s second largest in the world and the fifth in Vietnam, said Chun Young Woo, the firm president.
Richard Leech, director of CB Richard Ellis (CBRE) Vietnam said that the property market Danang is bustling.
The city is expected to have an additional 35,000 square meters of office space by the end of the year, compared to 20,000 square meters for lease with occupancy rates at 96 per cent by late 2006, he added. (Young People)
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