The 9-ha VinaCapital Square urban area will house two shopping centres, covering 30,000 square metres each, two hotels with around 600 rooms in total, and a 25,000-square metre convention and exhibition centre.

Apart from a 42-storey office for lease building, VinaCapital will also build more than 1,000 high-grade apartments and villas.

The project brings the total number of Foreign Direct Investment (FDI) projects in Da Nang so far to 106 with a total capitalisation of US$1.3 billion, according to the city’s Investment Promotion Centre. Over the past seven months, the city drew 13 FDI projects, valued at over US$420 million.

The US-based KOR group is planning a US$200-million tourism and luxurious hotel in Ngu Hanh Son district.

Sam Rehani, who led a KOR working team on a survey of Da Nang in early August, said the group hopes to complete procedures for a licence in mid August.