Big real estate developers pour money into Ha Long
Quang Ninh province still has no large-scale resorts, even though Ha Long Bay in the province is a popular tourism destination.
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One out of every three foreign travelers to Vietnam visits Ha Long Bay, but most of them travel from Hanoi and spend one night on boats before returning to Hanoi.
There are not many well-known hotel brands in Ha Long, except Novotel and Wyndham. However, an analyst said that Quang Ninh is more attractive in travelers’ eyes than Da Nang, but is inferior in terms of tourism real estate.
Quang Ninh last year received 8.3 million travelers, including 3.5 million foreign travelers. Da Nang attracted 5.5 million travelers, while the number of foreign travelers was less than half of that of Quang Ninh.
However, Quang Ninh only has 5,651 high-end 3-5-star hotel rooms, just half of the number in Da Nang.
Most high-end hotels in Quang Ninh are located in Ha Long City, including four 5-star hotels with 1,260 rooms in Bai Chay. The number of 4-star hotel rooms is 2,772 rooms, while there are 1,179 3-star hotel rooms.
While there are tens of condotel projects in Da Nang which provide 15,000-17,000 accommodations, there is only one project of this kind – Citadines with 637 apartments, in Quang Ninh. Meanwhile, New Life and Green Bay are apartments for sale and are available for lease, but don’t operate as hotels.
Da Nang is also superior in terms of high-end villas. Da Nang has Furama Villas, Premier Village, Hyatt, Vinpearl and Ocean Villas, while Quang Ninh has Royal Lotus.
Quang Ninh has licensed a high number of large tourism real estate projects, including Ha Long Star with registered capital of $500 million. However, the villa area, houses and high-end hotels of the project remain on paper, though the project kicked off in 2008.
However, observers said Quang Ninh will have a new face just in several years. After the provincial authorities poured money into transport infrastructure, big investors flocked there to develop real estate projects.
In 2015 alone, the total investment in infrastructure projects there was approximately VND100 trillion.
A number of real estate projects have been developed in Quang Ninh, namely Vinhomes Dragon Bay (VND12 trillion), Marina Ha Long (VND2 billion), SunWorld Ha Long Park (VND7.8 trillion), FLC Ha Long (VND3.4 trillion), Mon Bay Ha Long (VND5 trillion) and Vinpearl Ha Long.
