Danang gets green thumbs up

Ecological urban areas are a growth industry in Vietnam’s property market

Financial and Business Structure Company (FBS) last week offered 174 units for sale in the first phase of its Ecorio project, which covers 59.5 hectares in Danang City’s Hoa Hiep Nam ward in Lien Chieu district.

Established in 2001, FBS is a member company of Gami Group, a multi-business group that sells auto distribution and services as well as develops properties.

FBS has developed a series of property projects across the nation such the 52.3ha West Quoc Oai new urban area in Hanoi, the 15.6ha Hoa Lu- Phu Dong new urban area in Gia Lai province in the Central Highlands, and the 35ha Bai Truong tourism area in Phu Quoc.

The Ecorio project is on the old site of the Quan Nam-Thuy Tu ecological urban area project, covering 401ha in Lien Chieu district’s Hoa Hiep Bac and Hoa Hiep Nam wards and Hoa Vang district’s Hoa Lien commune.

Developed by FBS, the Quan Nam-Thuy Tu ecological urban area project got underway in 2005 but progress was delayed by land clearance hold-ups.

In 2008, Danang People’s Committee revoked the old project licence and reissued a certificate for the investment on a 341.5ha area in Hoa Vang district to the Trung Nam Group, with the rest of land still up for development by FBS.

Ta Trung Dung, general director of FBS said “even though reissued with a smaller space, the Ecorio project is still on the prime site of the old Quan Nam-Thuy Tu area.”

“It’s very convenient for residents living in the project to go to Danang international airport or other famous tourist areas in the central region of Vietnam such Hue Ancient City, Hoi An Old Town and My Son Sanctuary,” added Dung.

Designed by the Malaysia-backed Pentago Architect Company, the Ecorio project comprises 21.8ha of residential area, 5.2ha of office and commercial space, 18.6ha for green space with the remaining of 13.9ha to be used for constructing internal pathways.

The project’s first phase covering an 18ha area includes 174 villas and townhouses;, swimming facilities, a club house, international schools, kindergartens, a trade centre, a yacht port, and a park.

Dung said that land clearance for the whole project is now complete. The infrastructure for the first phase is finished and the foundation will be completed within the next 18 months.

The 174 units in this phase are expected to be handed over in June 2013.

Customers attending the project’s first launching ceremony will be offered capital contribution contracts and the contracts will then be transferred into house purchasing contracts once the foundation is completed.

Villa prices are sold in a price range from VND2.5-3 billion ($131,579-$158,000) per unit, excluding  valued added tax (VAT), and townhouses start at VND 2 billion ($105,263) per unit.