Danang terminates idle apartment project in prime location

Danang city's authorities have terminated the 10,664-square-meter Golden Square complex project, which has not seen any progress made since 2019.

The complex of luxurious apartment, hotel, office, and commercial areas, invested by local business Dong A Real Estate, was first licensed in January 2008.

The project, located on the junction of four streets in Hai Chau district, started construction in January 2008. With an expected investment of $101.6 million, it was designed to feature three towers rising between 21 and 36 floors. However, construction was paused at the second floor.

In 2019, construction resumed after Dong A Real Estate transferred the project to Alphanam Investment JSC, a Hanoi-based multi-sector business. However, construction was paused again at the sixth floor.

Danang authorities has now allowed the new investor, Alphanam Investment JSC, to convert the project into a hotel and condotel complex, with 416 condotel units and an additional 277 hotel rooms.

In 2021, the local State Audit Office pointed out a number of issues in the project, including adjustments that did not meet planning regulations or construction requirements.