Since the start of last year, Da Nang has seen a significant increase in mergers and acquisitions (M&As) transactions amongst small to larger-scale real estate projects as they restructure their operations in the context of the frozen property market.

Specific examples are the purchases of the 5-star Hyatt Regency Danang Resort and Spa by Gaw Capital Partners, a Hong Kong-based real estate private equity firm, and the Indochina Riverside Towers by Kajima, a major Japanese general contractor.

VinaCapital Da Nang has transferred the ownership of its 18-hole Danang Golf Club to Ha Noi’s BRG Group at a cost of over 12 million USD.

In addition, VinaCapital Da Nang transferred part of the construction site of its World Trade Centre project near the Han River Bridge to Vingroup for the building of the Vincom Ngo Quyen Trade Centre.  The centre opened to the public last July.  Then, in late February this year, VinaCapital sold its 17.6 ha marina and urban complex project in Son Tra District to the Quoc Cuong Gia Lai Group from Gia Lai Province.

Part of the World Trade Centre project

A notable transaction has been the purchase from South Korean investor Daewon Cantavil of the 300 million USD Da Phuoc International Urban Area project in Hai Chau District’s Thuan Phuoc and Thanh Binh wards by a Da Nang-based domestic business.  The project features numerous large-scale facilities including a resort, an 18-hole golf course, a hotel, a 33-storey block of high-end apartments, an international school, a beach club, a marina, and a 60-storey office building.

Many domestic businesses have also been busy with M&As in Da Nang.  For example, Gia Lai Province’s Quoc Cuong Gia Lai Group have purchased a trading centre on 2 September street for 419 billion VND, and Da Nang’s PPC An Thinh company now own a real estate project at the end of Pham Van Dong.

In addition, the Dong A Real Estate Company’s Golden Square project has been transferred to the Alphanam Group based in Ha Noi, whilst the Da Nang Center project has been transferred to the Co.op Mart group.