Quang Ninh real estate market draws in $5.5 billion investment
The increasingly improved and synchronised transport infrastructure, tourism potential, and abundant natural resources are all favourable conditions luring in big investors, especially in real estate, to Quang Ninh.
Numerous real estate projects have changed the face of Quang Ninh in the last three years, such as Vinpearl Halong Bay Resort, Vincom Plaza Halong, Vinhomes Dragon Bay, Halong Marina, Green Bay Village, and New Life Tower Halong.
The largest investor in Quang Ninh’s tourism real estate market is Sun Group with the 214-hectare, VND7.8-trillion ($343.4 million) Sun World Halong Complex which has already been put into operation. The group is also developing shophouses and five-star villas and resorts at Sun Premier Village Halong Bay.
FLC Group is also present in Quang Ninh, with a project covering a total area of 224 hectares with a total investment of VND3.4 trillion ($150 million). This building complex includes an 18-hole links golf course, a 1,300-seat international conference centre, a 600-room five-star hotel, a club, an amusement park, villas, and synchronous transport network.
In addition to the international airport, resort village with casino, and 13 kilometres of roadway developed by Sun Group, Quang Ninh has been calling for investment to five huge projects in Van Don:
As reported by the Quang Ninh Planning and Investment Department, there are over 100 developed and developing real estate projects with the total investment of over $5.5 billion covering all segments and sectors in the province.
Real estate experts assessed that supply sources are considerable lower than demand. Almost all mid-end and premium apartments have been purchased, with high rates of successful transactions. Various real estate enterprises have been building long-term development strategies focusing on the province.
Quang Ninh is also determined to lure strategic investors to key tourism areas, such as Halong, Cam Pha, Van Don or Uong Bi, as well as complete the Van Don Special Economic-Administrative Zone as the new motivation for provincial growth.
Key transport projects such as the Halong-Haiphong Expressway, Quang Ninh Airport, and Bach Dang Bridge will open in the second quarter of this year. The Van Don-Mong Cai Expressway is expected to be kicked off soon to improve goods circulation and become the main transportation axis of ASEAN.
In 2017, for the first time ever, Quang Ninh topped the Provincial Competitiveness Index (PCI) with a score of 70.7 out of 100 over ten indicators.