Desolate scene at the 11,000 billion VND Cocobay tourism and entertainment complex project in Da Nang

Desolate scene at the tens of thousands of billion dong project in Da Nang.

Cocobay Tourism and Entertainment Complex (Cocobay Da Nang) of Thanh Do Investment Development and Construction Joint Stock Company (Empire Group) started construction in June 2016 in the coastal area of ​​Truong Sa Street, Hoa Hai Ward, Ngu Hanh Son District, Da Nang City. At the time of starting the project in June 2016, the investor said that Cocobay had a total investment of 11,000 billion VND, built on an area of ​​about 31 hectares. The project was introduced as a tourism and entertainment complex with many items such as an indoor performance stage, an outdoor performance stage, a tourist square, a walking street, and a condotel and boutique hotel accommodation system.

In 2017, after partial completion, including hotel apartments (condotel) and many entertainment and resort items, this project was put into operation. However, only 2 years later, the investor of this "super project", Empire Group, declared bankruptcy in the condotel segment. Specifically, at the end of 2019, Empire Group sent a notice to customers about the termination of profit payments as committed in the contract when buying condotels at the project from January 1, 2020.

In the announcement, the investor said that the legal framework for condotels has not yet been specifically regulated by state authorities, and that real estate business activities of this type still have many shortcomings. Therefore, the project encountered many difficulties and the investor admitted its fault for not being able to pay profits to customers as committed (12%/year, for 8 years).

According to VTC News reporter on July 6, the project is currently in a "shelved" state, many items under construction are abandoned, and completed items are closed. In particular, the entire western area of ​​the project has been completely stopped.

The famous “super project” Cocobay Da Nang Tourism and Entertainment Complex, which was once expected to contribute to the economic and tourism development of Da Nang, is now in ruins. Currently, the main gate on Truong Sa Street is covered with corrugated iron by the investor, and the inside has become a place to gather construction materials, appliances, and damaged steel scattered everywhere.

Stopped operating, part of the project is under construction, the large vacant land area right at the main gate of Truong Sa street is used as a storage area for materials of the water supply and drainage system construction unit.

Many rows of houses under unfinished construction projects have been abandoned for many years, overgrown with grass and trees, becoming habitats for snakes, centipedes, rats and insects.

Many construction projects have been nearly completed and then left unused for many years, with the steel system rusting over time.

Also in the abandoned project area, a household is temporarily using it as a workshop to process and manufacture wooden products such as tables, chairs, beds, cabinets and household appliances.

According to the latest information, due to legal problems, nearly 500 condotels at the Cocobay Tourism and Entertainment Complex project have been completed and put into use, but so far have not been granted certificates of ownership. After the Government issued Decree 10/2023 regulating the granting of certificates for condotels, the Department of Construction of Da Nang City also sent a document to investors of real estate projects in the area requesting a report on the implementation status and stating difficulties, problems, and recommendations during the project implementation process. However, so far, the investor of the Cocobay complex has not yet applied for a "pink book" for 500 condotels at this project.

Source: https://vtc.vn/canh-tieu-dieu-tai-du-an-to-hop-du-lich-va-giai-tri-cocobay-11-000-ti-dong-o-da-nang-ar804420.html