Local property developer, the Futa Land joint-stock company, has started the build on a new Thuan Phuoc Urban project across 97.6ha of land.

With an investment of 11.5 trillion VND (460 million USD), it says it is creating the first ‘smart’ and low carbon urban luxury trading-residential and entertainment centre in central Vietnam.

The project is one of the largest in the city, promising a significant facelift landmark in the north of the Son Tra peninsula and marking a new stage in the city’s positive growth for the next decades.

General Director of the Thuan Phuoc Bay Urban Investment company Truong Dinh Trung said the complex has been designed to be 'premium urban' space, the first of its kind in central Vietnam, providing accommodation, entertainment, five- and six-star hotels, a school, a hospital and shopping and trading areas along the banks of the Han River.

Trung said the project will reserve a 16.5ha area for the Funsea Park as a ‘green’ eco core, for sea and river- front living for upscale residents in Da Nang City.

He said the project will be funded by the Sai Gon Ha Noi Commercial SHB bank.

According to a report from the city’s people’s committee, Da Nang has proposed selling 10,000 apartments under State ownership to pay for new housing projects in 2020-30.

As many as 17 commercial housing projects have been listed to allow foreigners to own homes, including eight on the Son Tra peninsula and six in the downtown Hai Chau district, it reported.

The city has ambitious plans to become a ‘green’ and ‘smart’ city by 2030, and an economic hub of the central and Central Highlands regions.

Da Nang has been accelerating its creation of the first ever Free Trade Zone, an international finance centre and a global semiconductor and AI manufacturing hub.

The vice chairman of the city’s people’s committee, Le Quang Nam said the project would turn the city into a magnet for premium living and entertainment, with Da Nang, being promoted as a ‘liveable’ place to both reside and invest in./.VNA