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Condotel Supply Increased Sharply In Da Nang

In the first seven months of this year, total condotel supply in Da Nang is 6.710 units and is forecast to reach 9.000 units in the next two years, according to CBRE.

Survey results of CBRE real estate market in the first two quarters of 2017 shows the total supply of condotel apartments is 6.715 units. It is forecasted that by the end of the year, 1.350 units will be added from the 5 projects launched. This figure will increase to 9.000 by 2019.

Savills’ research indicates that 70% of the condotels are sold successfully.

Outstanding projects include Cocobay tourism and entertainment complex with the investment of more than $480 million with a total area of 31 hectares and a rich system of utilities; Hoa Binh Green Da Nang, FuramaAriyana, Alphanam Luxury, Central Coast, Soleil Da Nang, FPT urban area approved investment 2 condotel ranges with a total area of 16hectares…

condotel in Da Nang
Danang is known as the “capital” of condotel.

According to Troy Griffiths – Deputy General Director of Savills Vietnam, together with Nha Trang, Phu Quoc, Da Nang became the key tourism, pulling the condotel absorption.

In addition, representatives of the unit profit up to 12% a year and the commitment to buy from the investor recently also the reason for attracting customers.

More explanation about condotel segment suction in Da Nang, Mr. Tran DucDien – Chairman and CEO of Maxland said that the city has many natural and social advantages to develop tourism and real estate.

The highlight of this time is the appearance of some hotel apartment products with a new direction; Modern convenience but reasonable price and commitment to profit from the investor.

Recognizing the potential for increased supply is possible, but this suggests that quantity and speed depend on the strategy as well as the ability to create the unique condotel products from developers.

condotel in Da Nang
One of the reasons for condotel good liquidity is the new product, the price is moderate

According to Trinh Viet Hung – Vice President of Empire Group, 3-4 years ago, condotel keyword is quite new with investors, they are familiar in Da Nang.

“Not only becoming the capital of condotel, Danang is also the market that consumes this segment largest in the country because of the diversity of product form,” Hung said.

Recently, this business has just launched Coco Wonderland Resort condotel line aimed at children designed and invested in the style of Wonderland.

Come here to stay, the children will adventures with fairy characters in the magic garden, admire the forest light trees, mushroom village-trum, Tazan house, magic school Hogwarts, flower garden post …

condotel in Da Nang
According to experts, in the coming time, the supply of hotel apartments in Da Nang will increase.

Other amenities such as coffee shop, ice-cream, lounge, restaurant, swimming pool … are all designed brightly and attract the baby.

According to a survey by the Empire Group, the size of the children’s entertainment market is estimated at $ 3.1 billion a year, at a 30% profit margin. Therefore, the project owner said, just exploit 1% of the “piece of bread” has also succeeded.

Mr. Hung calculated that each condotel in the project has an average price of VND1.8 billion. With the average room rate of 4-star hotels in Da Nang at VND2.4 million per night, the average occupancy rate is 65%. As a result, the profit that customers receive is approximately 280 million a year if leased.

Ms. TrucQuynh, representative of Phu Quy Land – the distributor of many condotel projects, said that this new condotel product is making many investors pay attention. Messages of project aim for children hit the psychology of customers with income. Especially, people are married.

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