Quang Ninh becomes new center of resort real estate market
Analysts have begun talking about a ‘resort real estate wave’ in Quang Ninh, especially in Ha Long City, where there is the world’s natural heritage Ha Long Bay.
Ha Long has great potential to develop tourism with the number of foreign and domestic travelers on a strong rise. Meanwhile, the average income per capita of Quang Ninh’s residents is relatively high, just after HCM City. However, there are still not many high-end accommodation projects in the city.
With big real estate players such as Vingroup, Sungroup and FLC and the provincial authorities’ policy on investment in infrastructure, Quang Ninh has become a new magnet in the resort real estate market.
All these make Quang Ninh an attractive market for investors. However, they have only seen it their new strategic market in the last one to two years, when the provincial authorities began spending big money on infrastructure.
A series of key infrastructure projects have been developed recently, especially highways, expected to be completed in 2017-2018.
These include Ha Long – Hai Phong, which connects Quang Ninh and an important port city in the north, capitalized at VND6.4 trillion; the Bach Dang Bridge VND7.388 trillion; Ha Long – Van Don VND10.602 trillion; the 4B Highway; a port in the northern part of Cai Bau Island; Van Tien Bridge and Van Don non-tariff area.
The Van Don International Airport is preparing to put the first runway into operation in early 2018. The Hanoi – Hai Phong – Ha Long – Mong Cai highway routes will be completed from now to the end of 2017, which will help reduce the time for traveling between Hanoi and Ha Long by one hour.
Truong Manh Hung, deputy head of the Investment Promotion Committee, said the provincial authorities’ clear development strategy was a prerequisite for investors to decide to pour money into Quang Ninh, especially the real estate sector.
The province has attracted 100 real estate projects with total registered investment capital of VND100 trillion over the last two years.
The two big players Sungroup and Vingroup alone have poured VND30 trillion into Quang Ninh.
Others have also joined the ‘game’ including FLC with FLC Ha Long project with investment capital of VND3.4 trillion, HD Mon Holdings with Mon Bay VND5 trillion. BIM Group, Tuan Chau and Geleximco also have projects there.
A local newspaper commented that Quang Ninh is a great construction site of high-end real estate projects. In Ha Long, Vinpearl has just become operational, while Dai Duong Park of Sungroup has just been inaugurated. In Van Don, Sungroup is developing an integrated resort with casino.
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