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

A desolate scene at the multi-trillion-VND project in Da Nang .

The Cocobay tourism and entertainment complex (Cocobay Da Nang), developed by Thanh Do Investment Development and Construction Joint Stock Company (Empire Group), commenced 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 the project's commencement in June 2016, the investor stated that Cocobay had a total investment of VND 11,000 billion and was built on an area of ​​approximately 31 hectares. The project was presented as a tourism and entertainment complex with various facilities such as an indoor and outdoor performance stage, a tourist square, a pedestrian street, and a system of condotel and boutique hotel accommodations.

In 2017, after partial completion, including condotel units and various entertainment and resort facilities, the project was put into operation. However, just two years later, the investor of this "mega-project," Empire Group, declared bankruptcy in the condotel segment. Specifically, at the end of 2019, Empire Group sent a notice to customers regarding the termination of profit payments as committed in the contract for condotel purchases at the project, effective January 1, 2020.

In the announcement, the developer stated that the legal framework for condotels is currently not specifically regulated by state authorities, and the business of this type of real estate still faces many shortcomings. Therefore, the project encountered many difficulties, and the developer apologized for being unable to pay the promised return to customers (12% per year for 8 years).

According to VTC News reporters on July 6th, the project is currently stalled, with many unfinished construction items left abandoned, and completed items closed. In particular, the entire western section of the project has come to a complete halt.

The once-highly anticipated Cocobay Da Nang entertainment and tourism complex, a "mega-project" expected to contribute to Da Nang's economic and tourism development, is now in ruins. Currently, the main gate on Truong Sa Street is sealed shut with corrugated iron by the investor, and the interior has become a dumping ground for construction materials, equipment, and broken steel scattered haphazardly.

With operations halted, a large vacant plot of land right at the main gate on Truong Sa Street, part of an unfinished construction project, is being used as a storage area for materials by the contractor working on the water supply and drainage system.

Many rows of houses belonging to the unfinished construction project have been abandoned for many years, overgrown with weeds and vegetation, becoming a habitat for snakes, rats, and other reptiles.

Many construction projects, nearly completed in terms of their basic structure, have been abandoned for years, their steel frames rusting over time.

Also within the abandoned project area, a local resident is currently using it as a temporary workshop for processing and crafting wooden products such as tables, chairs, beds, cabinets, and other household items.

According to the latest information, due to legal obstacles, nearly 500 condotel units at the Cocobay tourism and entertainment complex project have been completed, inspected, and put into use, but have not yet been granted ownership certificates. Following the Government's issuance of Decree 10/2023 regulating the issuance of ownership certificates for condotels, the Da Nang City Department of Construction also sent a document to the investors of real estate projects in the area requesting reports on the implementation status and outlining difficulties, obstacles, and recommendations during the project execution. However, to date, the Cocobay complex investor's application for ownership certificates for the 500 condotel units in this project has still not yielded results.

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