According to Lao Dong, along the coast of Da Nang, especially the My Khe beach area, Son Tra has recently witnessed a wave of new, vibrant hotel and apartment construction.
Not only domestic investors, many international corporations are also promoting their presence here with 4-5 star hotel projects, targeting the segment of international guests and high-end domestic guests.
A typical example is the project of The Solei Danang business-class hotel apartment complex. According to the introduction, the project has a total area of over 21,000m2, with a scale of 4 high-rise buildings and 2 basements located on the My Khe coast, at the intersection of Pham Van Dong, Vo Nguyen Giap and the Hoang Sa - Truong Sa coastal road.
Also located on the coastal route, the Nobu Residences Da Nang Commercial, Hotel and Tourism Apartment Complex Project is developed by a joint venture of Ban Viet Real Estate Joint Stock Company (VCRE), Phoenix Holdings Company Limited and the high-end hotel brand Nobu Hospitality, with a total investment of about VND 3,687 billion.
Mr. Nguyen Quang Viet (born in 1974), a resident on Vo Nguyen Giap Street, said that many new hotel projects and apartment projects are under construction here.
Among them, there is a project to build a high-rise hotel just a few hundred meters from the beach. The frequency of trucks, cranes and workers coming in and out is almost continuous.
According to the Vietnam Association of Realtors (VARS), in recent times, the Da Nang market has recorded a simultaneous increase in real estate prices on key routes.
Notably, Vo Nguyen Giap route, where coastal resort projects are concentrated, has reached 187 million VND/m2, while Bach Dang road, the central axis along the Han River, recorded 148-286.5 million VND/m2.
In particular, hotel and tourism apartments are still the main segment, contributing 73% of transactions with prices ranging from 65-154 million VND/m2.
According to information from real estate services agency Avison Young, Da Nang currently has 20,466 4- and 5-star hotel rooms, ranking 2nd in the country after Khanh Hoa province (25,565 rooms). Despite abundant supply, the coastal real estate market (hotels, resorts, condotel) has been continuously supplemented with new rooms, especially in the 4-star segment.
Avison Young also predicted that the coastal tourism real estate market is showing signs of recovery after several years of stagnation. It is forecasted that in the next 3 years, the supply of coastal hotels and resorts will continue to increase, most concentrated in Da Nang.
