Luxury Apartment, part of Four Points by Sheraton developed by the Alphanam Real Estate JSC in Da Nang is expected to hand over apartments in the fourth quarter of 2017.

According to information released by Alphanam on August 9, Luxury Apartment, construction of which kicked off in July 2015, has completed construction of the 29th floor and is now building the 30th floor.

Situated in the prime location of Vo Nguyen Giap Street in the central city, Luxury Apartment is within a high-end complex that also includes Four Points by Sheraton Hotel, managed by Starwood Capital.

Providing 232 one- and two-bedroom apartments ranging in size from 60 sq m to 100 sq m, Luxury Apartment boasts spectacular views towards Son Tra Peninsula.

The complex includes modern amenities such as an infinity swimming pool, top-quality rooftop restaurants, and a fitness centre.

One of Vietnam’s traditional holiday destinations, Da Nang saw a second home market emerge in the early 2000s followed by a slowdown from 2010 to 2015. Since the end of last year, however, the city has seen a surge in new products being launched and sold, according to insiders.

Da Nang’s apartment stock remained unchanged quarter-on-quarter in the second quarter but was up 7.4 per cent year-on-year with 12 projects providing 575 units to the primary market. Son Tra district was the largest supplier, with a 58 per cent market share, followed by Hai Chau with 39 per cent. The lowest primary apartment price was recorded in Hai Chau district (VND15 million ($672.7) per sq m) while the highest was in Ngu Hanh Son district (VND69 million ($3,094) per sq m). “Developer reputation, construction progress and proximity to the beach were key factors among the best performing projects this quarter,” a Savills Vietnam report noted. “Guaranteed returns have been widely offered in many projects’ pre-sales programs.”

Alphanam Real Estate JSC is a subsidiary of the Alphanam Group, a major Vietnamese corporation with 20 years of operations and development. The group is involved in a host of different business sectors, including real estate, construction and engineering. In real estate it has developed notable projects such as the King Palace residential complex in Hanoi’s Thanh Xuan district and Golden City in An Giang province’s Long Xuyen city in the Mekong Delta.