Real estate companies invest in Nha Trang, Vietnam
Real estate enterprises have recently made huge investments into high-grade apartments and resorts in the central coastal city of Nha Trang, Khanh Hoa Province, Vietnam.
Between both local and foreign tourists, Nha Trang has attracted around 1 million visitors so far this year, a year-on-year increase of 29 per cent. The city is hoping for tourism revenue of VND3 trillion (US$ 182 million) by 2015 and is looking to lure 1 million foreign arrivals in the 2010-2015 period.
Ongoing infrastructure upgrades to the airport and roads are making the area that much more attractive to investors.
In the near future, Cam Ranh airport will see over VND3 trillion ($182 million) to upgrade the buildings and runway.
Vo Lam Phi, chairman of the Khanh Hoa People's Committee, said that Nha Trang will become a tourism-urban-zone with high quality tourism products.
At present, many real estate projects are being built in the coastal city, such as Phu Quy tourist zone, Nha Trang Diamond resort, and Diamond Bay.
General director of Sofitel Vinpearl Resort and Spa, Michael Brabsche, said that the company will continue to build on Hon Tre Isle in the near future, with plans for a restaurant, a 10,000sq.m spa resort and an entertainment area with a golf course and high-grade villas.
The tourism property industry is attracting many domestic and foreign investors, according to real estate experts.
Nha Trang bay is one of the 29 most beautiful bays in the world according to on-line polls, with its moderate and warm temperature and a clean atmosphere. Hotels in the city are usually fully booked for most of the year.
The growing demand of high-end resorts has also been seen in Da Nang, Phan Thiet, Vung Tau and Ha Long.
In the southern coastal Ba Ria-Vung Tau Province, Construction Joint Stock Company No 1 (Cofico) is offering villas in the Sanctuary area starting at $580,000 a unit. In Da Nang City, Kingdom Hotel Investment Group had developed the Raffles Resort project with 140 hotel rooms and 138 apartments at prices ranging from $4,200 to $10,000 per square metre.
Richard Leech, director of CB Richard Ellis, said the development of villas would attract foreigners. He said that many investors from Thailand and Indonesia had expressed interest in Vietnam to diversify their investment. As a result, apartments and villas would be a great opportunity in the country.
According to statistics from the Ministry of Planning and Investment, foreign direct investment in Vietnam stood at over $30 billion for 487 new projects in the first half of the year. Of those projects, 18 were in tourism property valued at $4 billion.
By 2010, the country is expected to lure around 6 million foreign arrivals and 25 million domestic travellers. Experts have advocated that the country needs higher grade accommodation to meet demands.
(Source: Viet Nam News, URL:http://english.vietnamnet.vn/biz/2008/08/797253/)
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