The ground-breaking ceremony of the new Thuận Phước Urban project with an investment of VNĐ11.5 trillion (US$460 million) in Đà Nẵng. — VNS Photo Công Thành

ĐÀ NẴNG — Local property developer, the Futa Land joint-stock company, has started the build on a new Thuận Phước Urban project across 97.6ha of land.

With an investment of VNĐ11.5 trillion (US$460 million), it says it is creating the first ‘smart’ and low carbon urban luxury trading-residential and entertainment centre in central Việt Nam.

The project is one of the largest in the city, promising a significant facelift landmark in the north of the Sơn Trà peninsula and marking a new stage in the city’s positive growth for the next decades.

General director of Thuận Phước Bay Urban Investment company, Trương Đình Trung said the complex has been designed to be 'premium urban' space, the first of its kind in central Việt Nam, providing accommodation, entertainment, five- and six-star hotels, a school, a hospital and shopping and trading areas along the banks of the Hàn River.

Trung said the project will reserve a 16.5ha area for the Funsea Park as a ‘green’ eco core, for sea and river- front living for upscale residents in Đà Nẵng City.

Excavators and trucks begin working at the new Thuận Phước Urban project in Đà Nẵng City. The Hàn River-based urban site is offering living spaces, entertainment areas, a school, a hospital and an eco park. VNS Photo Công Thành

He said the project will be funded by the Sài Gòn Hà Nội Commercial SHB bank.

According to a report from the city’s people’s committee, Đà Nẵng has proposed selling 10,000 apartments under State ownership to pay for new housing projects in 2020-30.

As many as 17 commercial housing projects have been listed to allow foreigners to own homes, including eight on the Sơn Trà peninsula and six in the downtown Hải Châu District, it reported.

The city has ambitious plans to become a ‘green’ and ‘smart’ city by 2030, and an economic hub of the central and Central Highlands regions.

A plan on a new Thuận Phước Urban project in Đà Nẵng City. The project will be sandwiched between the Hàn River and the beach zone of the Sơn Trà Peninsula. VNS Photo Công Thành

Đà Nẵng has been accelerating its creation of the first ever Free Trade Zone, an international finance centre and a global semiconductor and AI manufacturing hub.

The vice chairman of the city’s people’s committee, Lê Quang Nam said the project would turn the city into a magnet for premium living and entertainment, with Đà Nẵng, being promoted as a ‘liveable’ place to both reside and invest in. — VNS