What is the owner of Cocobay Đà Nẵng doing?
On March 20, at the press conference of the first quarter of 2024 of Da Nang City People’s Committee, Mr. Le Van Tuan – Deputy Director of Da Nang Construction Department said that up to now, the department has not received any notification from Thanh Do Investment and Construction Development Joint Stock Company – the investor of Cocobay Da Nang Project regarding the unilateral termination of the contract with customers in this project.
Mr. Tuan said that the Construction Department has allowed the investors to sell the future residential houses in this project. Based on this, the investors have contracted to buy and sell the future residential houses to individual customers.
According to regulations, every quarter, the investors must report the implementation results. However, at the present time, the Construction Department has not received any report from the investors regarding this matter.
“The contract is a civil contract between the two parties. The dispute of this contract is between the investors and the related customers. In case there are contents related to the role of state management, the Construction Department will participate,” said Mr. Tuan.
Mr. Le Van Tuan provides information about Cocobay project at the press conference |
Mr. Tuan also said that Cocobay Da Nang project consists of 2 zones: Zone 1 with an area of 300,797m2 and Zone 2 with an area of 212,529m2.
These 2 zones have been approved for detailed planning by Da Nang City People’s Committee and the project has been deployed for construction and partially put into use.
Regarding Zone 1, according to Decision No. 593 dated February 1, 2019 of Da Nang City People’s Committee approving the adjustment of detailed planning, the main content is to convert 50% of apartment buildings and hotels (which have not formed residential units) under construction in HH2, HH3, HH5 clusters into apartments (which have formed residential units).
 Cocobay Da Nang project is located on the beach road. |
For high-rise apartment buildings that have not been constructed in clusters HH4, HH6, and HH7, they will be converted into apartments, villas, semi-detached villas, and townhouses. The height of HH1 building will be reduced from 50 floors to 40 floors, and 50% of it will be converted into apartments.
In 2022, the investor proposed to adjust HH2 and HH3 clusters, by converting HH2 cluster into apartments and HH3 cluster into hotel apartments (condotel).
After that, the Construction Department guided the investor to carry out the relevant procedures. However, from 2022 to now, the investor has not implemented the related procedures.
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Cocobay Hotel and Entertainment Complex (Cocobay Da Nang) of Empire Group was groundbreaking in June 2016 in the coastal area of Truong Sa Street, Hoa Hai Ward, Ngu Hanh Son District, Da Nang City. The project has a total investment capital of 11,000 billion VND, built on an area of about 31ha. This will be a tourism and entertainment complex with many items such as indoor performance stage, outdoor performance stage, tourist square, pedestrian street along with a system of condotel accommodation and Boutique hotel. This project has been partially completed, including items such as hotel apartments (condotel) and many other entertainment and resort facilities. It was put into operation since 2017, and in 2019, the super project “failed” in the condotel segment after announcing the termination of the commitment to pay a profit of up to 12% per year for customers. Recently, Thanh Do Investment and Construction Development Joint Stock Company – the investor of Cocobay Da Nang Project – issued a unilateral termination of contract notification to customers in this project. The reason, according to Thanh Do, is because they are in the process of restructuring and preparing resources to start the project in the second quarter of 2024. This announcement has left customers extremely worried and concerned. |
Ho Giap – Dieu Thuy
