Da Nang (VNS/VNA) - Japanese firms Sun Frontier and Cosmos Housing have started constructing two property projects in the beach city, sparking the recovery of the deadlocked real estate market.
The Cosmos Housing company broke ground on its twin tower trading house project Da Nang Landmark on an area of 3,765 sq.m with an investment of 1.6 trillion VND (64 million USD).
The building, located on the bank of the Han River, will include 446 apartments and eight shophouses and is expected to be completed by the second quarter of 2027.
Morii Takayuki, general director of Cosmos Housing, said the project's design is typical of Da Nang in terms of architecture.
He said construction would be completed in 33 months.
Vice Chairman of the Da Nang municipal People’s Committee Ho Ky Minh, stressed the Da Nang landmark project was developed in line with the city’s Master Plan and offers opportunities to boost tourism and the service industry in the city.
Meanwhile, Sun Frontier, another Japanese investor, also began constructing its Hiyori Aqua Tower in the Son Tra Peninsula, known for its rich biodiversity. The tower is the company's second investment project in Da Nang City after its Hiyori Garden Tower was built in 2019.
Yamada Yasushi, chairman of the company, said it has been investing in the city since 2015, and the Hiyori Aqua Tower is the firm's second investment project in the beach hub.
The 25-storey luxury project will include 202 flats and is set for completion in the third quarter of 2026.
According to the city’s construction department, 17 commercial housing projects have been listed for foreigners to own homes, including eight on the Son Tra peninsula and six in the downtown Hai Chau district.
Mikazuki Hotel Group of Japan officially opened its 168.16 million USD Da Nang Mikazuki Japanese Resort & Spa in 2022.
Da Nang has drawn 4.3 billion USD investment from FDI projects, of which Japanese businesses constitute a 30% share.
The city’s investment promotion agency said import-export turnover between Japan and Da Nang reached 1 billion USD in 2023, including 650 million USD in exports to Japan./.
