Construction commenced on $460 mln new urban project in Vietnam's central hub Danang

Local property developer Futa Land Joint Stock Company has started constructing its 97.6 ha Thuan Phuoc new urban area project in Danang city, central Vietnam.

With an investment of VND11.5 trillion ($460 million), it says it is creating the first ‘smart’ and low carbon urban luxury trading-residential and entertainment center in central Vietnam.

The project is one of the largest in the city, promising a significant facelift landmark in the north of the Son Tra peninsula and marking a new stage in the city’s positive growth for the next decades.

General director of the Thuan Phuoc Bay Urban Investment company Truong Dinh Trung said the complex has been designed to be 'premium urban' space, the first of its kind in central Vietnam, providing accommodation, entertainment, five- and six-star hotels, a school, a hospital and shopping and trading areas along the banks of the Han River.

Trung said the project will reserve a 16.5 ha area for the Funsea Park as a ‘green’ eco core, for sea and river- front living for upscale residents in Danang city.

He said the project will be funded by SHB bank.

According to a report from the city’s people’s committee, Danang has proposed selling 10,000 apartments under state ownership to pay for new housing projects in 2020-2030.

As many as 17 commercial housing projects have been listed to allow foreigners to own homes, including eight on the Son Tra peninsula and six in the downtown district of Hai Chau, it reported.

The city has ambitious plans to become a ‘green’ and ‘smart’ city by 2030, and an economic hub of the central and Central Highlands regions.

Danang has been accelerating its creation of a free trade zone, an international finance center, and a global semiconductor and AI manufacturing hub.

Vice Chairman of the city’s People’s Committee, Le Quang Nam said the project would turn the city into a magnet for premium living and entertainment, with Danang being promoted as a ‘liveable’ place to both reside and invest in.