Sun Group unit okayed to be investor of $236 mln urban area project in Vietnam's Van Phong Economic Zone

The Co Ma high-end urban area in the Van Phong Economic Zone, located in Khanh Hoa province, now has an investor - Song Han Sun Company Limited, a subsidiary of Vietnam's leading real estate developer Sun Group.

The Van Phong Economic Zone management board on Monday approved the selection of Song Han Sun Company Limited as the investor.

This new urban development is situated in Van Phuoc commune, Van Ninh district, in the northern part of the economic zone. The south-central coastal province of Khanh Hoa is home to Nha Trang town, one of Vietnam's top beach destinations.

Song Han Sun Company Limited is headquartered at 36-38 Bach Dang street, Thach Thang ward, Hai Chau district, Danang city.

The nearly VND6,000 billion ($236 million) project spans over 235 hectares and is designed to accommodate approximately 9,700 residents.

Earlier, the Van Phong Economic Zone management board had granted in-principle approval to the Co Ma high-end urban area project, with investors to be selected through a competitive bidding process.

The project aims to develop a fully integrated and modern urban area, with a technical infrastructure system, commercial housing, residential plots, service facilities, and tourist accommodations available for lease, lease-purchase, or sale.

It will also include public amenities such as schools, medical facilities, markets, commercial centers, and cultural spaces.

The project plans to utilize local hot mineral water resources to create tourism products catering to residents and visitors. Green spaces and urban parks are also a priority, enhancing the area’s appeal while contributing to local socio-economic growth and efficient land use.