Cocobay project is located on Truong Sa street, bordering Da Nang city and Quang Nam province, with a total investment of 11,000 billion VND built on an area of about 31 hectares. Started in June 2016, this project was expected to boost Da Nang's economy , creating a driving force for the entire northern region of Quang Nam province. Right from the time of launch, the investor committed to a minimum profit of 12%/year for 8 years for customers buying condotels here.
However, Cocobay's crisis began to occur from around August 2017 to August 2018 due to procedural congestion, legal problems, operational problems, and cash flow difficulties.
By the end of November 2019, the company said that the condotel business had encountered many difficulties in the past, so it could not pay the 12%/year profit as committed to customers. Since the beginning of 2020, the company has stopped paying the committed income as stated in the condotel sale contract at the Cocobay Da Nang project. Until now, this super project is still in a "shelved" state.
Also in 2019, the Chairman of the People's Committee of Da Nang City approved the adjustment of the detailed planning at a scale of 1/500 of planning subdivision No. 1 at Cocobay, including the content of converting condotels into apartments.
Accordingly, 1,016 condotel units out of a total of 1,856 units under construction at Co Co 1, 2, 3 buildings will be converted into apartments and 544 condotel units out of a total of 1,657 units at the unbuilt project at Cocobay Tower building will also be converted into apartments.
This decision allows the conversion of unbuilt high-rise condotel buildings in clusters HH4, HH6, HH7 into apartments, villas, townhouses, and at the same time supplements the planning of some buildings to arrange management offices, auxiliary works, schools, medical stations, community centers, shopping centers, parking lots, etc.
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