Resort and hotel projects are developing on the beach of Da Nang. The city's booming tourism in recent decades had attracted huge investment in the tourism property market. — VNS Photo Cong Thanh

A coastal property project has been given approval from Da Nang City’s authorities to increase its investment value from VND380 billion (US$17 million) to VND2.1 trillion ($94.5 million).

The city’s planning and investment department confirmed to Viet Nam News the project, for which the Nam Phat Resort and Villa development company was given an investment licence in 2008, would increase the number of luxury villas from 47 to 86 and build a new complex of 50 luxury apartments, while an 18-storey hotel will be built with 157 rooms instead of 100 as listed in the initial investment licence.

The department said the project would be built on 15ha in coastal Ngu Hanh Son District for launching in the third quarter of 2021.

According to the department, two companies – Manwell Global Limited and Bella Pacific limited – from the British Virgin Islands will contribute $18.9 million for developing the project.

A report from the city’s property association unveiled the coastal city now has 28,600 rooms – 10 times as many as in 2007.

In the middle of October, domestic BRG Group commenced construction of the 36-storey BRG Da Nang Golf resort with a total investment of VND1.63 trillion ($71 million) in Ngu Hanh Son district. The project is expected to add 500 more rooms to the city’s tourism industry. — VNS