A golden central attraction

International property group Banyan Tree recently decided to disburse $200 million into first-phase Laguna Lang Co compound resort complex in central province Thua The- Hue at the time firms, particularly those operating in realty sector, were critically hurt by the economic downturn.

The project was slated to welcome its first tenants from November 2012. More than that, developer Banyan Tree showcased its commitment to continue the project’s second phase with an ambitious target to turn Lang Co bay into well-known Thai Phuket venue.

Central Vietnam was an ideal land for Banyan Tree to lay out foundation for its development in Indochina, said group chairman Ho KwonPing.

In recent past, professional property investor and broker Sotheby’s International Realty Group opened a representative office in Danang sourcing investment and trading opportunities in the region, its second office in Vietnam after the first one in Ho Chi Minh City.

“Danang features unspoiled beauty with imposing scenes and its gorgeous long coastline. Besides, international airlines have launched direct flights to the city, leading to a sharp hike in international visitor numbers,” said Vietnam Sotheby’s International Realty general director Michael Piro.

Accordingly, in the first six months of 2012 Danang welcomed approximately one million visitors. After Danang International Airport came into service from mid-December 2011, foreign visitors to the city leaped 94.3 per cent in 2012’s first quarter against that in the fourth quarter last year, according to Danang Culture, Sports  and Tourism Department statistics.

In the face of property market doldrums, resort projects in Danang and the central region generally eyed brisk business.

Fir instance, FPT City  in Ngu Hanh Son district introduced model housing to clients in late June 2012 and got a positive feedback.

In early July, Furama Resort Danang took charge of managing 31 Furama villas which are open to visitors. Over 70 out of 131 villas there found owners.

Another hi-end second-home project Hyatt Regency Danang Residences reportedly sold out 90 per cent of apartments and 22 out of 27 villas.