Halong charms resort property developers

Property expert Dang Hung Vo said that there was immense potential for the development of resort properties in Vietnam, with attractive returns which could amount to 9 per cent per year.

Nguyen Nam Son, chairman of Singapore-based Tanzanite International, said the best location for the development of resort properties were places only some hours away by car from the major cities such as Hanoi or Ho Chi Minh City, with a stunning natural landscape, such as the sea shore.

All these factors were met in Halong, making it an ideal destination for investment in resort properties in the northern region, which explains why many giant developers like Vingroup, FLC, Sun Group and BIM Group have all made their presence felt in the city.

Private multi-industry BIM Group, ran by businessman Doan Quoc Viet, was the pioneer in property development in Halong city with a string of large-scale projects. Its first project here was the 4-star Halong Plaza Hotel, the first 4-star hotel in the city. The idea for the hotel arose after Viet's trip to Halong Bay in the early 1990s.

After nearly two decades, BIM Group is now credited with a number of high-profile projects of which the US$2 billion Halong Marina Urban Area covering 248 hectares along  Halong beach was its flagship project, designed as a mini replica on the lines of Australia's Sydney Port.

The urban area consisted of a line-up of projects that provided not only quality living with all the amenities, but also investment opportunities.

One of projects was Van Lien (Lotus Residences), a luxury resort townhouse project at the prime Halong Marina area, consisted of 159 environment-friendly townhouses and amenities such as an all-season swimming pool, a park and a children's playground.

Especially, on April 23 Syrena Vietnam- a member of BIM Group in charge of property development, will join hands with G5 Property Trading Floor Alliance to begin sale for the next phase of Lotus Residences in Hanoi.

The developer has guaranteed a return of 8 per cent per year in the first three years of operation, if buyers join the rental pool, which is a management model in which developers and buyers share the expenses and the profits of Lotus Residences and 65 per cent of the rent profits from the following years.

Any deposits for purchases made in April and May will be given a 5 per cent discount from the before-tax price of the townhouses and a membership card of BIM Group's luxury sports club Elite Passport worth VND35 million (US$1,600). Early payment worth 95 per cent of the contract value will also get 5 per cent discount.

The previous sales saw a large number of buyers, with some 80 per cent of units on offer being sold, according to Syrena Vietnam. In the past two decades, Halong has retained its position as a tourism hot-spot in northern Vietnam, with Halong Bay recognised as a world natural heritage site.

Last year, Quang Ninh attracted nearly eight million visitors, including three million foreigners. The growth in tourism revenue averaged 20 per cent annually. Notably, a series of city-based major infrastructure projects were nearing completion, which would make travel from neighbouring provinces to Halong easier than ever before.

The projects include the VND13 trillion (US$580 million) Halong-Haiphong expressway which is expected to be open to traffic in 2017and reduce travel time to less than two hours from the capital city.

Other projects involve upgrading the highways connecting Halong city with Van Don and Mong Duong, worth a total of VND14 trillion (US$642 million), the VND10 trillion (US$458 million) Tuan Chau international tourism port, or the VND6.7 trillion (US$307 million) Van Don airport which was slated to begin operation in late 2017.