Danang People’s Committee has just announced the 63 / TB-UBND signed by Vice Chairman Nguyen Ngoc Tuan for commenting on some architectural plans, project plans and works in the city, in which includes the Golden Square residential and commercial complex.
This is one of the unmatched locations in Danang having a large area and four street frontage of Pham Hong Thai, Yen Bai, Nguyen Thai Hoc and Nguyen Chi Thanh.
In this notice, Danang City agreed on the adjustment plan as reported by the Department of Construction, including an adjustment of the Golden Square residential and commercial complex from 36-storey apartment building to condotel (416 units) and 2 additional floors for a technical elevator.
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With 27-storey hotel block, it was supposed to increase the number of bedrooms from 277 to 353 rooms and 2 floors for technical elevator.
In the 21-storey apartment block, it needs to transfer the 6th and 7th floor for offices into the ones for apartments, making 200 units of the total adjusted apartments, and increase 2 floors for technical elevator.
The Golden Square project was previously invested by Dong A Real Estate Company. In January 2008, the construction was started. According to information from the investor, the project had a total investment of 43 billion dollars and was divided into two phases, the first phase of which was 21 million dollars with the total area of 10,664sqm.
This project consisted of 3 towers of 21-36 stories having commercial centers, offices, hotels and high-class apartments with the total investment up to 43 billion dollars. The project was expected to be completed in 2011.
However, because of the distinctive location of the project and the potential for socio-economic development in Da Nang, Dong A Real Estate decided to increase the capital investment in order to build an international standard complex with the architecture of three towers named Golden Square.
Although the project just was built its foundation and two stories, in 2010, Dong A Real Estate introduced Golden Square apartments to customers in Ho Chi Minh City and Hanoi with starting price from 1,500-1,700 USD / sqm/unit (about 84,000 USD / unit or over).
In 2011, in the presence of the Danang leader, Dong A Bank and many other businesses, Dong A Real Estate Joint Stock Company and Marriott International Inc. (USA) signed a management contract for Renaissance Danang Hotel ( belonging to Golden Square complex).
However, after the exciting sale and promotion activities, in December 2014 the project suddenly stopped construction until the middle of 2016 when the project was transferred to New Group Alphanam (Hanoi) as a new investor.
Although the detail of the transfer has not been disclosed, and Alphanam Group has not announced how the project will be implemented, the proposal of the Department of Construction has shown that Da Nang is going to have a new condotel right in the city center.
In Da Nang, Alphanam is currently investing in the complex of Four Points by Sheraton and a luxury apartment building next to Pham Van Dong Beach.
You are reading the article “Golden Square Da Nang Project: From “Clinical Death” Was Transferred To The Condotel Model” in the section “Real Estate” on the website: https://realestatevietnam.com.vn/.
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