Alongside the implementation of key projects and public investment initiatives in the city, there are numerous...
Alongside the implementation of key projects and public investment initiatives in the city, there are numerous large construction projects and private residential developments underway, with groundbreaking ceremonies and construction activities taking place. These developments serve as the basis for achieving added value (VA) in the construction industry, which is expected to flourish in 2024.
Works and projects constructed in 2024 will contribute to the prosperity of construction activities and increase the added value of the construction industry. IN PHOTO: The TTC Plaza Da Nang high-rise complex at land lot 46 Dien Bien Phu is under construction. Photo: HOANG HIEP
Among the notable projects and developments scheduled for construction in 2024, the TTC Plaza Da Nang complex is highlighted. Located at 46 Dien Bien Phu Street, the project consists of two 18-story towers with two basement levels. Construction is progressing rapidly, with excavation and foundation work already underway across the entire site. The project is expected to be completed and operational by the end of 2025.
In January 2024, Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land) and Coteccons Construction Joint Stock Company commenced the construction of the TTC Plaza Da Nang complex at 46 Dien Bien Phu Street, facing 29 March Park. The project, comprising two 18-story towers and two basement levels, has made significant progress since the groundbreaking ceremony, with excavation and basement construction in full swing. The completion and operation of the project are planned for the final stage of 2025.
Recently, TTC Land and AeonMall Vietnam Co., Ltd. signed a memorandum of understanding to collaborate on the development of an Aeon Mall shopping center on four floors within the TTC Plaza Da Nang complex.
Mr. Dang Van Thanh, Chairman of TTC Land's Board of Directors, stated: "TTC Plaza Da Nang is one of the projects with prime location, occupying four facades in the center of Da Nang city. We are striving to ensure the timely delivery of the shopping center to Aeon Vietnam."
In addition to these developments, preparations for the construction of the Da Nang LandMark Tower complex, located on a plot with three street frontages at Bach Dang, Binh Minh 4, and Tran Van Tru streets, are underway. The project, led by Cosmo Housing Joint Stock Company, consists of one 31-story tower and one 39-story tower, with construction expected to be completed and operational by the fourth quarter of 2025.
Ms. Tran Kim Ngan, a representative of Cosmo Housing Joint Stock Company, stated: "With a total investment of 1.6 trillion VND, the project will not only create a landmark along the Han River but also contribute to the city's development."
In 2023, the city took measures to address difficulties and facilitate the completion of financial obligations related to land for several projects, including Da Nang Times Square, eco-tourism projects on Ba Na Hill, and the Suoi Mo ecological tourism area at the foot of Ba Na Hill. These efforts, along with the development of hotels, shopping centers, offices, and tourist apartments (condotels), are expected to contribute to the city's construction sector achieving a VA of 3.8 trillion VND in 2024, a 6.9% increase from 2023, thereby enhancing the overall Gross Regional Domestic Product (GRDP) compared to 2023.
Mr. Tran Van Vu, Director of the Da Nang Statistics Office, expressed optimism, stating: "With the implementation of several projects, the construction and real estate sectors have the potential to achieve the aforementioned targets."
Despite a decline in the construction industry's VA by 8.36% in 2023 compared to 2022 due to saturated housing demand, rising construction material prices, and a stagnant real estate market, recent improvements in construction-related activities have been observed. In January 2024, retail sales of timber and construction materials increased by 60.5% compared to the same period in 2023, while wholesale revenue also rose by 22.7% year-on-year. Based on the results of 2023 and historical statistical data, as well as modeling and research conducted by experts and scientists, the Da Nang Statistics Office forecasts continued improvement and growth in the construction industry's VA in 2024.
Via Bao Da Nang