[Photo] The desolate state of the "super" Cocobay Tourism and Entertainment Complex project

NDO - General Director of Thanh Do Investment, Development and Construction Joint Stock Company Hoang Duc Hanh has just signed Notice No. 1A32/2024/TB-DT dated March 12, 2024 unilaterally terminating the contract with customers who are investors at the Cocobay Tourism and Entertainment Complex project (Hoa Quy ward, Ngu Hanh Son district, Da Nang city).

This is a "super" project that Da Nang once expected to be one of the key projects contributing to changing the face of tourism, creating a solid development foundation to expand the brand to the region and the world.

According to this announcement, Thanh Do Company said that this enterprise is in the process of restructuring and preparing resources to launch The Empire project in the second quarter of 2024. The extension of sales contracts with customers in the past is undesirable. Therefore, Thanh Do Company unilaterally terminates the sales contracts from the date of issuance of the announcement.

The customer will hand over all legal documents related to the real estate, the current status of the received property according to the handover minutes to the company within 15 days from the date of receipt of the notice, as well as coordinate with the company to liquidate the sales contract.

Below are some photos of the current status of the "super" Cocobay Tourism and Entertainment Complex project taken by reporters on March 19.

The Cocobay Tourism and Entertainment Complex Project was officially started by Empire Group on June 5, 2016 at Truong Sa Street, Hoa Hai Ward, Ngu Hanh Son District, Da Nang City, on an area of about 31 hectares with a total investment of 11,000 billion VND. The project is introduced as a tourism and entertainment complex with many items such as indoor performance stage, outdoor performance stage, tourist square, walking street with condotel accommodation system and Boutique hotel. (Current photo taken on March 19)

In 2017, after partial completion, including condotels and many entertainment and resort items, this project was put into operation. However, only 2 years later, the investor of this "super project", Thanh Do Investment Development and Construction Joint Stock Company (Empire Group), declared "failure" in the condotel segment. And the items stopped construction, and are now in ruins.

Accordingly, the Cocobay project was designed and invested in many large-scale items such as a 1,200-seat indoor performance stage, a 2,000-seat outdoor performance stage, and a tourist square. However, up to now, all items are still under construction.

The luxury condotel and boutique hotel accommodation system along with hundreds of other amenities and entertainment services... of this project has only completed the framework...

Messy inside this "super" project.

The entire project is currently fenced off, all activities have long stopped, only a security guard remains to guard the entrance gates.

This is a project that Da Nang once had high expectations for...

Weeds have covered large areas of land at the project, while construction sites have long since ceased operations.

The investor of this project has just announced the unilateral termination of contracts with customers to "restart" the project in the second quarter of 2024.

The project has a scale of 6,000 resort hotel apartments (condotels). In 2019, the investor declared a "breakout" in the condotel apartment segment.

The fence surrounding the project became a place for graffiti.

According to the announcement of Thanh Do Investment, Development and Construction Joint Stock Company, this super project will be "restructured" in the second quarter of 2024.

Panoramic view of this super project from above, this is a project occupying a "prime" location on the coast of Da Nang but the investor has just announced the unilateral termination of the contract with the customer.

Source