Following the completion of the M&A deal, Phat Dat now owns a rarified 3-frontage landbank at the intersection of Bach Dang, Tran Phu and Le Hong Phong streets. On the so-called billion-dollar axis of trade-culture-tourism in the center of Da Nang City, Phat Dat will develop the first Branded Residence project in the heart of the Central.
As part of the development strategy in the Central Coast region and the committed companionship with the Government and the city People’s Committee to develop this key economic zone, Phat Dat Real Estate Development Corporation (Stock code: PDR) has completed the formalities to officially own the 3-frontage “diamond landbank” on the busiest and most luxurious intersection in central Da Nang City.
The 3000-sqm property is located on Bach Dang Boulevard and owns the other 2 frontages facing Tran Phu and Le Hong Phong streets. This junction is considered to be the hub of economic, diplomatic, cultural and entertainment activities in Da Nang.
The project owns the central position of all economic, diplomatic, cultural and entertainment activities in Da Nang.
On such a location, the project easily connects the city’s arterial roads and bridges crossing the Han River, such as Han River Bridge, Dragon Bridge, and Tran Thi Ly Bridge. These are all critical infrastructure works that contribute to changing the face of the most livable city in Vietnam.
The project also benefits from all of the nearby high-class external facilities that form the city’s north-south chain of service – commerce – tourism along the two banks of the Han River. On the west bank of the river, the Civic Center, which was embellished and developed from the existing center area, accommodates some highlights around the City Square like the Administrative Center, Dien Hai Citadel, museums, cultural and historical works, markets, buildings for hotels, offices, and commercial services, etc. On the east side, the Central Business District is home to the city’s main economic and financial buildings, high-rise office and commercial service areas, and hotels, embracing the International Square and highlighting the new embellished high-rise center. Together, all these create a 24/7 urban area, where Da Nang’s international trade and integration activities take place.
According to a representative of Phat Dat, a branded residence project will be developed on this extravagant land, which consists of luxurious apartments and a 5-star hotel in limited quantities, managed and operated by the world’s top famous corporations.
After establishing a prominent brand in high-end and mid-end residential real estate, PDR heads up to the branded residence line, inclusively following the trendy shifting of the luxury real estate market around the world. That is, in addition to prime locations in coastal areas or resorts, branded residence projects are expanding into big cities. According to a survey by Savills, more than 60% of branded residences worldwide are concentrated in big cities.
This trend is getting clearer when the number of branded residences increases rapidly and, under the Covid-19 epidemic’s impacts, has partly changed the experiential needs of the super-rich. Branded residence perfectly meets the desire to experience a luxurious and comfortable living space with complete services and high-class facilities from international hotel operators.
Also, according to a report by Savills, Vietnam is among the top 10 fastest-growing branded residence markets in the world. The annual supply of branded residences here increased by 11% on average from 2017. By the first quarter of 2021, Vietnam had 24 branded real estate projects, mainly in coastal resorts.
Hanoi and Ho Chi Minh markets are pretty familiar with this product line, and Da Nang will be the next city to welcome the very first branded residence project pioneered by PDR, which will boost the regional real estate market and create a premise for explosive growth in the future. Pursuing this segment requires developers to have not only potential in terms of landholdings or finance but also extensive experience. Phat Dat is one of the few investors with solid capabilities to implement high-end real estate projects across the country; thus, implementing this unique prime project will bring outstanding sales efficiency and quick cash flow for Phat Dat.