The Cocobay project, located along Truong Sa street in Hoa Hai ward, Ngu Hanh Son district, Da Nang, boasts a total investment of 11,000 billion VND and spans an area of approximately 31 hectares. This project was once advertised as a tourism and entertainment complex, featuring indoor and outdoor performance stages, a tourism square, a pedestrian street, and a system of condotels and hotels.
According to the Da Nang Department of Construction, the project investor has submitted a progress report. However, since then, the project has remained stagnant, with no signs of resumption.
During this period, Thanh Do Investment and Construction Joint Stock Company, the project investor, has submitted petitions regarding the issuance of land use rights certificates and ownership of houses and other assets attached to the land for eligible properties. However, these issues fall outside the city’s authority, so the matter has been reported to the Central Government for guidance.
This project was also heavily promoted, even attracting the attention of football superstar Cristiano Ronaldo, who was rumored to have purchased a property here. As observed, the project site remains in disarray, with many areas and structures abandoned and overgrown with vegetation.
Following the investor’s announcement of unilateral termination of contracts with Cocobay project customers, the authorities received numerous “complaints and emergency appeals” from real estate buyers in the area. The Da Nang authorities have requested that the investor promptly address the concerns of customers and report on the project’s progress.
In April 2024, the investor submitted a report to the Da Nang People’s Committee and the Da Nang Department of Construction, outlining their preparation efforts and providing a project implementation plan for the upcoming period. This included infrastructure and landscape work across the entire area, starting on April 15 and expected to be completed by the end of December 2024.
Specifically, for the HH3 subdivision – The Commercial Apartment Hotel, High-end Apartment Building Co Co 1 was deployed on April 26 and is expected to be completed in October 2024; while the adjacent garden house area is scheduled for completion in September 2024. The HH5 subdivision – The Commercial Apartment Hotel, High-end Apartment Building Co Co 2 is expected to be completed in August 2025…
The HH7 subdivision – The Commercial and High-end Apartment Building Co Co 4 is scheduled to commence on April 26, 2024, with an expected completion date of April 2025. The adjacent garden house area is set for March 2025; the shophouse, twin villas, and school-service block are planned for December 2024. HH6 subdivision: Single-detached villas are expected to be completed by March 2025…
According to the investor’s notice, the company is in the process of restructuring and preparing resources to restart the project. Therefore, the extension of sales contracts with customers over the past time has been an undesirable situation…
As per the Da Nang Department of Construction, the project’s “bottlenecks” are awaiting a resolution from the National Assembly to address the issues related to the Conclusion 2852 of the Government Inspectorate. Once these “bottlenecks” are resolved, the project can potentially resume.
The Grand Cocobay Project: Unveiling a New Era of Prosperity
After half a year of announcing that the Danang government would restart the Cocobay project, the project remains stagnant. Thanh Do Company, the project’s investor, is currently subject to a decision to initiate bankruptcy proceedings.
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