Danang property market showing vital signs of life

September 24, 2012 | 15:42

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Central Danang city last week warmed up with the opening of the Azura luxury building, a major landmark project located beside Han River.

According to the developer VinaCapital Group, the Azura luxury building is now the tallest residential tower in Danang, with 32 stories rising from its prime location adjacent the river. Azura boasts unrivalled views across Danang Bay to the north, across Son Tra peninsula to the East Sea and the famous Cham Islands, and directly across the Han River to the city skyline.

The building incorporates 225 international quality apartments and is being touted as Danang’s highest quality apartment project and a promising investment opportunity. “Thanks to VinaCapital’s philosophy developing quality homes and good values across the country, we bring a whole new inspiration of life to all our valued customers in Danang as well as in neighbour provinces,” said David Brenac, Azura’s development director.

Azura is the first project to be completed as part of the planned 9 hectare mixed-use World Trade Centre development envisioned as the modern heart of Danang. The next phase will include a new 40,000 square metre retail mall that has already had pre-leases of over 60 per cent from leading international retailers. According to CB Richard Ellis Vietnam, there are now 14 apartment projects on sale in Danang offering more than 2,800 from luxury to mid-end units.

The condos market in Danang has seen some positive signs during 2012’s second quarter, with an increase in the sales rate. However, not all condominium projects have performed well in Danang.

Positive signs have mainly come from the performance of projects such as OceanViews, Danang Lakeside, FPT Smart Nano Flat, Azura and Hyatt Regency, according to CB Richard Ellis Vietnam.
Meanwhile, Savills Vietnam reported that during the second quarter of 2012, the sales of Danang’s apartment market increased slightly by 1 per cent, to 50 per cent of all sold compared to the first quarter of 2012.

The absorption rate rose slightly by 1 to 5 per cent. The price range varied from VND14 million to VND62.484 million ($600 to $2,900) per square metre.