Cocobay entertainment and tourism complex of Thanh Do Investment, Development and Construction Joint Stock Company (Empire Group) was once a prominent destination in Da Nang City.
Located on the border of Da Nang City and Quang Nam Province, the complex owns a frontage on Da Nang beach, located on both sides of Da Nang - Hoi An road.
Cocobay is one of the pioneering projects and accounts for a large number of condotel types in Da Nang City.
Cocobay tourism and entertainment complex was a new model combining many types in one project. The total investment capital of the project was up to 11,000 billion VND, of which about 4,000 billion VND was mobilized from thousands of customers.
This place was once expected to be a never-ending entertainment complex for tourists.
But now, even the completed blocks have stopped operating.
When launched, the project committed to a profit of up to 12% per year for investors, creating a condotel real estate fever. However, after a short time, the collapse of the condotel model caused investors to no longer fulfill their commitments.
For a long time, customers surrounded the project and the investor and construction contractor were also heavily in debt.
The project includes hotels, apartments, performance areas, walking streets, restaurants...
Weeds everywhere
The hotel block, which operated for a short time, is now abandoned.
The contractor has all withdrawn, the scene has become desolate.
The bank also continuously demanded debt, causing Empire Group to fall into a difficult situation. After that, the investor converted from condotel to apartment but still could not save the failing business situation.
Agreements with customers were also unsuccessful, and to date, the Cocobay Tourism and Entertainment Complex has been closed. Completed and operational items as well as unfinished construction work are all abandoned.
At the launch of Cocobay Towers in the Cocobay Danang Tourism and Entertainment Complex in May 2017 in Madrid, Spain, superstar Ronaldo was the first person to sign to buy an apartment. "Owning a large fan base, his every action will certainly have a strong influence. However, Cocobay Towers itself is so attractive and CR7 also shared that he is very happy to contribute to helping the global public have the opportunity to know this wonder," emphasized the representative of Cocobay.
The image of superstar Cristiano Ronaldo was then also used by Empire Group to promote the project's brand on mass media. The cost was not disclosed.
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