Blog

Sunrise Bay project (Da Nang) is in the process of negotiating to change owners and there is much information that T & T Group of the election has “take over” this project.

The Sunrise Bay project (Da Phuoc International New Urban Area) is located in the prime location on Nguyen Tat Thanh Street in Da Nang City (Hai Chau District, Da Nang). The project is located in the area of Da Phuoc urban area (approved in 2007) and has an area of 181 hectares of land encroaching on the north of Da Nang city, aiming to reclaim the sea for construction more than 8,500 apartments, commercial centers, offices, hotels, 18 holes golf courses. The project was formerly Daewon Cantavil Co., Ltd. of Daewon Group (Korea) as the investor.

However, after overhauling most of the project area, in 2016, the Korean group transferred to Nova North-South 79 (Novaland Group). After the acquisition, the new investor continues to implement leveling project. At the same time, the project also adjusted the plan, the area of the project is only 176ha with the townhouses, villas and public works. Items such as trade centers, conferences and hotels, condominiums, golf courses have been removed. At the shareholders’ meeting in 2017, Novaland said the group was managing the development of the Sunrise Bay project.

Specifically, during the process of changing ownership, the Novaland Group spent nearly $91 million to acquire the 19% ownership company at The Sunrise Bay. Previously, Gia Duc Company owns a capital contribution equivalent to 19% of the project Sunrise Bay Da Nang (legal name is new urban Da Phuoc). The goal of buying capital Gia Duc is the premise for Novaland to increase its ownership in The Sunrise Bay project.

However, the company’s September 18^th listing changes The Sunrise Bay said that 99% of the company’s shares are being held by Hoang Huy Trading Development Investment Company. After being acquired by majority shareholders, Hoang Huy was moved to 31 Tran Quoc Thao, Ward 6, District 3, Ho Chi Minh City. The contact number is 028 3930 4357. This is the address and contact of Ho Chi Minh City branch of art-export, an associate and joint venture company with T & T Group, Do Quang Hien (impresario).

General Director and legal representative of Hoang Huy Company is Phan Do Hanh, a major shareholder of Ho Chi Minh City Port Company. The company is under the control of T & T Group through the Vegetexco Fruit and Vegetable Corporation.

Talking with us, representative of Novaland Group said that the new project is in the negotiation process and cannot publish information to the press. Meanwhile, the T & T Group denied information that they bought this project because in Da Nang, the group still has many projects to prepare.

In March 1974, the Sunrise Bay project was exposed to a lot of buzzes and suspended construction. At that time, the investor has an infrastructure license but has not completed the environmental impact assessment report. Currently, the investor just gravel road to make and do some sewers.

You are reading the article Impresario Hien Take Over The Sunrise Bay Da Nang Project? in the Real Estate category at https://realestatevietnam.com.vn/.
Any information sharing, feedback please email to info@realestatevietnam.com.vn, Hotline 0909890897 (24/7).
Special thanks!