The 40-storey coastal property project, which has completed construction of 23 floors, was built with investment of VND2 trillion (US$88.5 million), supplying nearly 800 luxurious apartment and hotel rooms from late 2019.

Also on Thursday, PGT Group inked strategic partnership agreements with companies from Italy, Japan, France, Switzerland and Viet Nam in construction and architecture design for the beach-front five-star landmark project.

It’s also the first project in Da Nang and central Viet Nam using smart parking.

Chairman of PGT Group Le Anh Trieu said the complex would be an attraction for tourists and residents as it is situated on the pristine beach of Da Nang and close to the Son Tra Nature Reserve.

PGT Group plans to launch its initial public offering (IPO) on the stock exchange in 2022.

Da Nang is a top destination for foreign investment and an increasingly popular tourism hub in central Viet Nam as the city hosted 7.6 million tourists, of which 2.87 million were foreigners, in 2018.

Tourist real estate remains an investment magnet in the city, attracting 25 foreign direct investment projects worth $1.8 billion. The city has so far developed 16 tourist property projects consisting of 749 villas, of which 609 are for sale and 140 for lease.

In Quang Nam Province, the Hoi An Royal Group also commenced construction of its beach resort project on An Bang beach, 5km away from Hoi An ancient town, with total investment of $88.5 million last week.

The resort, 20km south of Da Nang, plans to supply 69 villas and 200 five-star hotel rooms in 2021.

To date, 33 resorts and more than 700 hotels had been built on 25km coastal line from Da Nang to Hoi An City. — VNS