On June 6, the Da Nang Department of Agriculture and Environment approved adjustments to the plan for selecting bidders for the consulting package to determine land prices for the Danang Diamond Tower project, also known as the Marriott hotel and serviced apartment complex and residential project (M Landmark Tower) by Foodinco Real Estate JSC.
The apartments in the M Landmark Tower are priced at nearly VND 280 million/sqm
Accordingly, this project needs to re-determine the land prices as of May 2007, March 2013, and June 2018.
According to Conclusion 2852 in 2012 by the Government Inspectorate, this project must collect financial obligations due to reductions in land and land rent that are not in accordance with regulations.
The M Landmark Tower, located at 58 Bach Dang, is one of the most prime locations in Da Nang, right next to the Han River swing bridge with two fronts on Tran Phu and Bach Dang streets.
This is one of 15 projects in Da Nang that are being unblocked by re-determining land prices to collect financial obligations for losses and exemptions for a series of projects according to Conclusion 2852. This is in accordance with Resolution 170/2024 of the National Assembly.
The project has one of the most prime locations in Da Nang
Determining the land price at 58 Bach Dang, where the 45-storey M Landmark Tower is built, will help complete the legal basis for determining the construction type, whether it is for sale or for sale in combination with leasing in accordance with land law to perform the procedure of granting “red book” to apartment buyers.
Previously, on June 1, the project investor, Foodinco Real Estate JSC (a member unit of Alphanam Group), launched more than 200 luxury apartments.
The 45-storey M Landmark Tower introduces floors 30 to 43 as the M Landmark Residences luxury apartment area with 224 units ranging from 3 to 89 sqm, which are handed over with permanent pink books.
According to our understanding, there is a lot of information on the market offering apartments for sale in this project. Accordingly, the price of apartments here ranges from VND 179-279 million/sqm according to 5-star hotel standards and high-class services according to Marriott standards.
With a price of nearly VND 280 million/sqm, the M Landmark Residences apartments are said to have set a new price record for Da Nang’s apartment market, as it is the first time that apartments with a selling price of millions of dollars have appeared.
“Danang Diamond Tower: Reassessing Land Values to Finalize Legal Procedures for this Million-Dollar Condo Project”
“The Danang Diamond Tower project, a prestigious development encompassing the Marriott hotel and serviced apartments, alongside residential units (known as the M Landmark tower), is currently undergoing a land price reassessment for various periods, as per the conclusions drawn by the Government Inspectorate. This development, undertaken by Foodinco Land Joint Stock Company, is now in the process of determining the land prices at different points in time.”
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