The Korean-based Daewon and the central Danang city yesterday initialed an agreement, allowing the Korean investor to develop the Urban-Da Phuoc Golf Resort worth $300 million in the coastal village of Da Phuoc near Thuan Phuoc Bridge in Hai Chau District.
This is the first-ever sea-encroaching project covering over 200 hectares. Of the figure, up to 174 hectares of the zoned site will be allocated for the project, while the remaining 30 hectares will be earmarked for developing a cultural center and other public facilities, according to the agreement.
Under the deal, the investor will develop a complex comprising of villas, hotels, 33-story apartment buildings, a trade center, and an entertainment and golf section.
The project owner expects to finish all relevant procedures for investment registration within three months so the construction can start immediately.
“We commit to implement all the projects in accordance with the schedules. As for the Cantavil project, we will soon complete the blueprint and will start construction,” said Daewon’s chairman Chun Young Woo at the signing ceremony.
“We plan to complete several key components in the project within two to three years, including apartment buildings, villas and the golf course,” an official of Daewon said.
Besides this project, Daewon has been developing several other projects in Danang, including a cluster of garment factories in Hoa Khanh Industrial Zone that may recruit up to 1,700 local workers and the Cantavil apartment tower with the total investment of approximately US$100 million.
Danang is now one of the tourism hubs in the central region of Vietnam with a total of more than 2,580 hotel rooms. Local hospitality industry has set targets to accommodate two million tourists annually and earn revenues upwards of VND1.5 trillion (US$96.1 million).
SGT, VNA
Vietnamese
