Da Nang bay where Mikazuki hotels will build a hotel and tourist complex. — Photo Cong Thanh

The Mikazuki hotel Group from Japan will spend more than US$100 million to build a water park and five-star hotel on the beach of Da Nang – the biggest investment in tourism property from Japan iin the city.

The project, which will cover 13ha, will include a 5ha water park, and a five-star hotel with 280 rooms on Da Nang Bay.

It is the biggest foreign investment in tourism property in the city this year.

Earlier, the Route Inn Group from Japan launched a four-star hotel project, the Grandvrio Da Nang City. It is the first of a chain of 50 hotels in the country.

Japan is the second largest investor in Da Nang with 134 projects worth $598 million.

The city has hosted 5.1 million tourists, of which 1.76 million were foreigners, in the first nine months this year. The number of Japanese visitors has trebled in recent years..

Japanese projects create 40,000 jobs for the city and neighbouring provinces.

The city has also reserved a 134ha industrial park for medium and small-size businesses from Japan.

Tourist real estate remains a favourite investment magnet in this central city, attracting 25 foreign direct investment (FDI) projects worth $1.8 billion or 54 per cent of total FDI capital in the city.

The city has so far developed 16 tourist property projects consisting of 749 villas, of which 609 are for sale and 140 for lease. — VNS