Da Nang Draws over US$500Mln Fresh FDI Capital

VinaCapital and United States’ KOR Group will carry out two investment real estate and tourism projects capitalised at US$525 million in Da Nang City.

The Office of Da Nang City People’s Committee announced on August 2 that municipal leaders officially agreed to allow VinaCapital Fund to invest US$325 million to build the VinaCapital Square urban zone on the eastern bank of the Han River bank in An Hai Bac ward, Son Tra district. This is the largest property in Da Nang City so far.

 

The VinaCapital Square urban zone will be built on nine hectares, including two shopping centres covering 30,000 square metres, two 3-5-star hotels with 600 rooms, a convention centre covering 25,000 square metres and 42-story office buildings for lease. Besides, the investor will build more than 1,300 high-grade apartments (120 - 125 square metres), service apartments and villas.  

 

On the same day, Mr Sam Rehani, Director of Dubai Asia Pacific, who led a KOR Group delegation, worked with Da Nang Mayor Tran Van Minh on developing a tourism and hotel complex in Hoa Hai ward, Ngu Hanh Son district. Mr Sam Rehani said after initial surveys on local natural, cultural and economic conditions, KOR found that Da Nang was an ideal place to develop a resort because the beach is very beautiful and the people are very friendly.

 

Especially, KOR projects match the city’s development orientation, in which sea tourism is a spearhead economic sector. KOR also showed its design initiative for a 39 hectare area with an initial investment capital of US$200 million. KOR expects to finish the documentation to apply for the licence in mid-August. KOR is headquartered in Los Angeles, US. Since 1997, this group has invested US$1 billion in hotels and property projects in many countries in the world.
TTX