Over recent years, Da Nang has seen a significant increase in mergers and acquisitions (M&As) transactions amongst small to larger-scale real estate projects.  Many real estate investors have transferred the ownerships of their projects to others.  Most notable are the Golden Square and the Da Nang Information Technology (IT) Park projects.

A view of land levelling work at the Da Nang IT Park project

The Golden Square hotel-apartment-commercial complex project, whose developer was the Dong A Real Estate Company, boasts a prime location in the heart of the city as it features 4 facades on Pham Hong Thai, Nguyen Thai Hoc, Yen Bai and Nguyen Chi Thanh streets.  The 1,000 billion VND (over 47 million USD) project featured 3 apartment blocks, with each having between 21 and 36 storeys.

Work started on the 10,664m² project in January 2008, and it was expected to put into use in 2011.  However, this large-scale project was progressing slower than scheduled, and only the foundations of the project’s hotels have been constructed at the site.  As a result, the ownership of the Golden Square project was transferred to the Ha Noi-based Alphanam Group last year.

Recently, the city authorities have approved some adjustments to this project’s designs.  Accordingly, this hotel-apartment-commercial complex will be converted into a condotel project.

With regard to the Da Nang IT Park project in Hoa Vang District’s Hoa Lien Commune, it has restarted after a long delay.

This project was first begun in April 2013 by the Rocky Lai & Associates -Danang Inc and other US investors, with an initial focus on land levelling work.  However, they then decided not to proceed with the project due to a shortage of capital.

The Da Nang IT Park Development Joint Stock Company is now the project’s developer.  Notably, the company recently sold over 65% of its total shares to the Trung Nam Group which is headquatered in Ho Chi Minh City.

The 278 million USD project is underway, covering a total area of 341ha, and it will have a design similar to Silicon Valley in the USA and the Hsinchu Science Park in Taiwan.

The international-standard project is being deployed in 2 stages.  The 82 million USD 1^st stage is being implemented on 131ha over the 2013 - 2017 period, whilst the 196 million USD 2^nd stage will be added between 2017 and 2023 on an area of 210ha.

As schedule, the land levelling work will be completed by late June 2018.

Once complete, the park is expected to attract domestic and foreign IT experts, experienced engineers and highly-skilled workers involved in the software and digital content industries to work there.

The positive changes in the ownership of the 2 large-scale projects mentioned above will help to accelerate their construction progress.