Ha Long catches eye of resort property developers

Thursday, Apr 21, 2016 13:32

The model of Lotus Residences. — Photo Syrena Viet Nam

QUANG NINH (Biz Hub) — The breakthrough in infrastructure development in Quang Ninh Province, coupled with its immense tourism potential, has attracted a number of giant developers to Ha Long City.

The developers were pouring money into building resort properties, with promised irresistible returns of up to 9 per cent per year.

A series of giant infrastructure projects in the city were nearing completion, which would make travel from neighbouring provinces easier than ever before.

The projects included the VND13 trillion (US$580 million) Ha Long-Hai Phong Expressway, expected to be operational in 2017 and reduce travelling time from the capital city to less than two hours; upgraded highways connecting the city with Van Don and Mong Duong, worth a total of VND14 trillion; the VND10 trillion Tuan Chau International Tourism Port; and a VND 6.7 trillion airport in Van Don, whose investor had pledged it would begin operation in late 2017.

Over the past two decades, Ha Long has retained its position as an attractive tourism spot in the northern region, with Ha Long Bay recognised as a World Natural Heritage site. Last year, the province attracted nearly 8 million visitors, including 3 million foreigners. The growth in tourism revenue was at an average 20 per cent.

Nguyen Nam Son, chairman of Singapore-based Tanzanite International, said the best locations for the development of resort properties were places that were some two hours away by car from the major cities such as Ha Noi and HCM City, with a beautiful natural landscape, such as the sea shore.

The prime location of Lotus Residences. — Photo Syrena Viet Nam

All these factors were met in Ha Long, making it an ideal destination for investment in resort properties in the northern region, attracting giant developers, such as Vingroup, FLC, Sun Group and BIM Group.

Property expert Dang Hung Vo said there was immense potential for the development of resort properties in Viet Nam, with promising returns, He said profit could amount to 9 per cent per year.

Story of pioneer BIM Group

BIM Group was founded and diversified into a group with business interests ranging from food to property development by businessman Doan Quoc Viet. The group was the pioneer in property development in Ha Long City with some large-scale projects. Its first project here was the four-star Ha Long Plaza Hotel, the first four-star hotel in the city. The idea for the hotel arose after Viet's trip to Hạ Long Bay in the early 1990s. Viet was then doing business in Poland.

Potential buyers looked at the model of Lotus Residences in a sale opening. —  Photo Syrena Viet Nam

After nearly two decades, BIM Group is now credited with a number of high-profile projects – the $2 billion Halong Marina Urban Area covering 248ha, along the Ha Long Beach, was its flagship project, designed as a mini replica on the lines of Australia's Sydney Port.

The urban area consisted of a line-up of projects that provided not only quality living with all the amenities, but also investment opportunities.

One of projects was Van Lien (Lotus Residences), a luxury resort townhouse project at the prime Ha Long Marina area, with 159 environment-friendly townhouses and amenities such as an all-season swimming pool, a park and a children's playground.

Lotus Residences opens for sale on April 23

On April 23, Syrena Viet Nam, a member of the diversified BIM Group in charge of property development, will join hands with the G5 Property Trading Floor Alliance to begin sale for the next phase of Lotus Residences in Ha Noi.

The developer has guaranteed a return of 8 per cent per year in the first three years of operation, if buyers join the rental pool, which is a management model in which developers and buyers share the expenses and the profits of Lotus Residences and 65 per cent of the rent profits from the following years.

Any deposits for purchases made in April and May will be given a 5 per cent discount from the before-tax price of the townhouses and a membership card of BIM Group's luxury sports club Elite Passport worth VNĐ35 million. Early payment worth 95 per cent of the contract value will also get 5 per cent discount.

The previous sales saw a large number of buyers, with some 80 per cent of units on offer being sold, according to Syrena Viet Nam. — VNS


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