Novaland takes over urban project from Daewon
Novaland takes over urban project from Daewon
Domestic property developer Novaland will replace South Korea’ Daewon Cantavil to resume the construction of the long-delayed Da Phuoc International New Town project in the central city of Danang.
General director of Novaland Phan Thanh Huy told Vnexpress that the company will co-operate with Bac Nam 79 Construction JSC to develop the project. In addition, the project will be renamed The Sunrise Bay.
Huy added that the company will adjust the project’s design to suit the current market demand. Thus, the project will include numerous villas, resorts, hotels, trade centres, schools, and a golf course. The construction is expected to complete in 2019.
“Being Novaland’s first project in central Vietnam, The Sunrise Bay will be the foundation to expand our operations in cities and provinces outside of Ho Chi Minh City,” Huy stated.
The construction of the Da Phuoc International New Town project was kicked off in February 2008 with the total investment capital of $250 million, in Hai Chau district. Being the first new international town built on land reclaimed from the sea, the 210-hectare project includes an international hotel and conference centre, a 60-storey office building, villas, 8,500 apartments, an 18-hole international standard golf course, as well as an amusement park, and shopping malls. Along the coast, there are pedestrian walks for travellers.
The major stages were expected to be constructed within 24-36 months after the start, with the rest finished within 10 years.
However, in reality, with the exception of land clearance, the construction has been immobile due to the investor’s financial difficulties. Earlier in 2012, the project’s scale was downd to 182 hectares, and the investor got the thumbs up from the Danang People’s Committee to remove the golf course.
Daewon Cantavil, a subsidiary of Daewon Co., Ltd which operates in textiles, hotels, trade, construction, and real estate in Vietnam, has been present in the country since 2004 through establishing Daewon-Thu Duc Housing Development Joint Venture Company.
Daewon-Thu Duc developed the 390-unit Cantavil An Phu Apartments in District 2 in Ho Chi Minh City with resounding success. Besides, the company is launching the construction of its 36-storey international commercial-office-and-apartments complex named Cantavil Premier, also in District 2, and the Long Hai hotel and resort project in Tan Binh district. The company has a long track record of cooperating with respectable Vietnamese partners in the development of other projects.
Founded in 1992, Novaland has been the rising star of the Ho Chi Minh City real estate scene. So far, it has developed more than 27 projects throughout the metropolis.
The company has maintained the construction progress of projects namely Sunrise Riverside, RichStar, The Sun Avenue, Golden Mansion, Orchard Parkview, and Botanica Premier.
