Located directly across from the East Sea Park and My Khe beach (Son Tra district) at the prime location of the three-way intersection of Pham Van Dong – Vo Nguyen Giap is the two towers CT1&CT2, CT3&CT7 of the Da Nang Times Square project, which is towering and has just been confirmed by the Da Nang government to be eligible to mobilize capital through the form of contributing capital, investment cooperation, business cooperation, joint ventures, and partnerships of organizations, households, and individuals in accordance with regulations.
The two towers CT1&CT2, Tower CT3&CT7 – Da Nang Times Square were converted from condotels to apartments
This project officially commenced in 2017, the towers have a construction scale from 30-50 floors with thousands of condotel apartments, expected to be handed over in 2019 but then “covered up”.
In May 2023, the People’s Committee of Da Nang city has decided to allow Kim Long Nam Joint Stock Company to change the purpose of land lots CT3 and CT7 to implement the CT3&CT7 tower project, land lots CT1 and CT2 to implement the CT1&CT2 tower project.
Accordingly, Da Nang city allows Kim Long Nam Joint Stock Company to change the purpose of nearly 4,000m2 of commercial service land of the above land lots to use for the purpose of residential land in urban areas (building apartment buildings). The land use term until March 30, 2056.
The Da Nang Department of Construction said that in the city, there are currently 2/5 condotel projects that have been converted into apartments, which are the Da Nang Times Square project and The Empire luxury resort and housing project. In which, tower CT1&CT2, Tower CT3&CT7 (Da Nang Times Square) has a population scale of 2,667 people (1,248 apartments; over 66,600 m2 floor area), tower CT3&CT7 alone has a population scale of 1,300 people (594 apartments; over 32,400 m2 floor area). At the The Empire luxury resort and housing project, Co Co 3 HH2 area has 536 hotel apartments converted 287 into apartment apartments, leaving 249 hotel apartments; Co Co 1 HH3 area has 686 hotel apartments converted 378 into apartments, leaving 308 hotel apartments; Co Co 2 HH5 has 637 hotel apartments converted 351 into apartments, leaving 286 hotel apartments.
The permission for thousands of condotels to be converted into apartment apartments in the coastal area, which is crowded with residents and tourists, has made many people worry about overloading technical infrastructure as well as social infrastructure, disrupting the common planning of Da Nang.
Mr. Nguyen Cuu Loan, Vice Chairman and General Secretary of the Da Nang Urban Planning and Development Association, said that projects that are allowed to convert from hotel apartments to apartment apartments must meet the conditions for social infrastructure, technical infrastructure corresponding to the scale of the project, population size.
If they are not met, they are not allowed to convert. In fact, this conversion is waiting for a general regulation, the policy put forward is to create motivation to stimulate investors, but if it does not fully meet the criteria set forth by the state, the project will not be converted.
What did the Da Nang Department of Construction say?
Answering the question of Tien Phong reporters related to the conversion of condotel projects into apartment apartments, the Da Nang Department of Construction said: The conversion of condotel functions into apartments is based on legal bases on projects, construction planning and land. The conversion of functions must be in accordance with urban planning, ensuring the indicators of social infrastructure, technical infrastructure according to current standards and norms.
Specifically, for the CT1&CT2 Tower, CT3&CT7 Tower project, a representative of the Da Nang Department of Construction affirmed that the conversion of condotel functions into apartments was specifically screened and consulted with related departments and agencies, reported to the City People’s Committee and approved the policy to adjust.
Accordingly, the investor prepares procedures to adjust the planning of all levels to ensure the project’s social infrastructure, greenery, kindergartens, community activity centers, parking lots… in accordance with the planning, ensuring continuity through the periods.
The Da Nang Department of Construction said: Recently, the City People’s Committee approved the Planning for the Han River and East Bank Zone in Decision No. 2451/QD-UBND dated November 7, 2023.
The Department of Construction will review and evaluate the demand for converting functions from condotels to apartments, ensuring synchronous planning at all levels and reporting to the City People’s Committee for consideration and decision.
