A construction ground-breaking ceremony for the Đà Nẵng Landmark project in Đà Nẵng City. Cosmos Housing company said it would complete the project in 33 months. — Photo courtesy of DINCO

Japanese firms Sun Frontier and Cosmos Housing have started constructing two property projects in the beach city, sparking the recovery of the deadlocked real estate market.

The Cosmos Housing company broke ground on its twin tower trading house project Đà Nẵng Landmark on an area of 3.7sq.m with an investment of VNĐ1.6 trillion (US$64 million).

The building, located on the bank of the Hàn River, will include 446 apartments and eight shophouses and is expected to be completed by the second quarter of 2027.

Morii Takayuki, general director of Cosmos Housing, said the project's design is typical of Đà Nẵng in terms of architecture.

He said construction would be completed in 33 months.

Representatives of Đà Nẵng City and investors at a ground-breaking ceremony for the Hiyori Aqua Tower project in Đà Nẵng City. It's the second investment project of Sun Frontier company from Japan in the city. — Photo courtesy of Quốc Vương

Vice chairman of Đà Nẵng City’s People’s Committee, Hồ Kỳ Minh, stressed the Đà Nẵng landmark project was developed in line with the city’s Master Plan and offers opportunities to boost tourism and the service industry in the city.

Meanwhile, Sun Frontier, another Japanese investor, also began constructing its Hiyori Aqua Tower in the Sơn Trà Peninsula, known for its rich biodiversity. The tower is the company's second investment project in Đà Nẵng City after its Hiyori Garden Tower was built in 2019.

Yamada Yasushi, chairman of the company, said it has been investing in the city since 2015, and the Hiyori Aqua Tower is the firm's second investment project in the beach hub.

The 25-storey luxury project will include 202 flats and is set for completion in the third quarter of 2026.

According to the city’s construction department, 17 commercial housing projects have been listed for foreigners to own homes, including eight on the Sơn Trà peninsula and six in the downtown Hải Châu District.

Mikazuki Hotel Group of Japan officially opened its $168.16 million Đà Nẵng Mikazuki Japanese Resort & Spa in 2022.

Đà Nẵng has drawn $4.3 billion investment from FDI projects, of which Japanese businesses constitute a 30 per cent share.

The city’s investment promotion agency said import-export turnover between Japan and Đà Nẵng reached $1 billion in 2023, including $650 million in exports to Japan. — VNS