$450mn Cocobay Da Nang tourism, entertainment complex abandoned
$450mn Cocobay Da Nang tourism, entertainment complex abandoned
Lying in the border area of Da Nang City and Quang Nam Province, Cocobay Da Nang, known as a big-ticket tourism and entertainment complex in central Vietnam, is now desolate.
A corner of Cocobay Da Nang in central Vietnam. Photo: Tuoi Tre |
Cocobay Da Nang, run by Thanh Do Investment Development and Construction JSC, carried a price tag of VND11 trillion (US$450.3 million).
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| Cocobay Da Nang is a tourism, lodging, and entertainment complex that is standing eerily quiet in the central coastal Vietnamese city. Photo: Tuoi Tre |
The seaside complex used to be promoted widely, while many famed artists advertised the site.
Meanwhile, the investor marketed it as a world-class tourism, lodging, and entertainment compound.
This was one of the pioneering condotel projects in Da Nang.
A condotel, known as a condo hotel, is legally considered a condominium but it is operated as a hotel that offers short-term rentals and maintains a front desk.
After it was debuted, the investor pledged an annual profit of up to 12 percent.
However, the investor quickly incurred losses due to its investment.
As a result, a series of condotel owners at Cocobay Da Nang were pushed into extreme hardship, forcing them to ask the investor to pay compensation.
A part of Cocobay Da Nang was allowed to be converted into an apartment building by Da Nang authorities.
However, the mammoth project now stands eerily quiet, with many of its sections entirely abandoned.
