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Property

Da Nang's Golden Square coming back to life

Released at: 07:37, 17/10/2016

Da Nang's Golden Square coming back to life

Photo: Duc Anh

Alphanam takes over as investor of project stalled since 2014.

by Quynh Nguyen

The Golden Square complex in central Da Nang city is expected to be revived by a new investor, the Alphanam Real Estate JSC, after lying idle for some time due to a lack of capital.

But a completion date remains unknown, according to Alphanam. A representative from Alphanam confirmed with VET that it has finished all procedures relating to the sale and will soon resume construction, though could not say exactly when.

Golden Square was originally invested by Dong A Real Estate, with investment capital of VND1 trillion ($45 million) and features a shopping mall, office space, a hotel and high-end apartments. The project covers an area of 10,664 sq m in the center of the city, at the junction of Pham Hong Thai, Nguyen Thai Hoc, Yen Bai and Nguyen Chi Thanh streets.

In 2008 the project got underway and sales were expected to open in 2010 at prices ranging from $1,500-$1,700 per sq m. The investor also committed that homebuyers could borrow 70 per cent the apartment’s value in a 15-year loan from Dong A Bank.

Golden Square has two main shareholders: Dong A Bank and Phu Nhuan Jewelry (PNJ). It was expected to be one of the largest projects in Da Nang but in 2014 construction came to a standstill. Mr. Nguyen Xuan Anh, Secretary of the Da Nang Party Committee, asked authorities earlier this year to create the conditions necessary for a new investor, if one could be found. 

Dozens of large-scale projects in Da Nang have been transferred to new investors this year, with Golden Square going to the Hanoi-based Alphanam Group. The details of the transfer were not disclosed.

Industry insiders believe that Alphanam has the potential to develop the project because it has invested in other projects in Da Nang, such as the Four Points by Sheraton hotel project and the Luxury Apartment project, both of which are scheduled for completion this month. It has targeted investing in five to seven real estate projects in the city

The Alphanam Real Estate JSC is a subsidiary of the Alphanam Group, a major Vietnamese corporation with a 20-year history and involved in a host of different business sectors, including real estate, construction and engineering.

In real estate it has developed 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.

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