The joint-stock Comos housing company has commenced construction of a twin-tower trading house project – the high-class condominium Đà Nẵng Landmark – on an area of 3,756 sq.m with an investment of VNĐ1.6 trillion (US$64 million), expecting an inauguration and official operation in the fourth quarter of 2026.

The project owner said the Hàn River view twin-tower, including two high-rise buildings – 31-storey Phoenix and 39-storey Dragon tower at 159.65m high, will be supplying 446 apartments and eight shop houses to the real estate market in 2026.

The apartment, which is designed for rooms from 55 sq. m to 390 sq.m, is the first project in Đà Nẵng under management and maintenance with Japanese standard.

The project owner said two major banks – the Việt Nam joint-stock commercial bank (Vietinbank) and the joint-stock commercial bank for foreign trade of Việt Nam (Vietcombank) – will provide 37.5 per cent of the investment capital.

It’s expected to be a brand-mark for the downtown September 2 Street on the Hàn River banks area and a rendezvous of tourism concentration with an amazing night view of the river and iconic bridges.

According to the city’s construction department, Đà Nẵng has proposed selling 10,000 apartments under State ownership to pay for new housing projects in 2020-30.

The department said it listed 17 commercial housing projects that allow foreigners to own homes, including eight in Sơn Trà peninsula and six in the downtown Hải Châu District.

It said hotel and resort projects have been booming in the city, offering 28,000 rooms for 15 million tourists.

Soleil Đà Nẵng is the biggest apartment and hotel complex project in the city with a 58-storey five-star hotel and three 47-storey apartments, and 1,000 luxury flats.

According to property consultancy Savills, Đà Nẵng continues to develop smart urban areas with the ambition to put the city on the map as a high-class living and resort urban area.

The tourism hub is recovering by focusing more on branded tourist real estate projects as the four- and five-star hotel market has 81 projects with 15,343 rooms.

In 2024, the city’s four and five-star hotel market is projected to have 99 properties with over 21,000 rooms. The greater number of branded projects enhances the upscale hotel market performance, according to Savills.

The Đà Nẵng condominium market is expected to thrive, with 10 new projects to be launched, providing an extra 5,600 units.

Luxury apartments will take the lead, promoting the market-wide primary price growing at a compound annual growth rate (CAGR) in 2021-24 of 12 per cent per year.

Đà Nẵng plans to develop into a ‘green’ and ‘smart’ city by 2025, and an economic hub of the central and Central Highlands regions. VNS