Da Nang city council monitors conversion of Cocobay’s condotels

SGGP
The Urban Department of the People’s Council of Da Nang City on November 28 confirmed with the press that it has been supervising and will bring the conversion of more than 1,000 condotels of Cocobay Da Nang’s into apartments up for discussion at the upcoming meeting.
According to Mr. Nguyen Thanh Tien, head of the Urban Department of the People’s Council of Da Nang City, this relates to the Decision No.593/2019 of the People’s Committee of Da Nang City which allowed the conversion of 1,016 condotels out of 1,856 condotels at three buildings into apartments at the Cocobay Da Nang Complex. At the present, the department has not received official statistics on the number of condotel projects in the city.

Earlier, Empire Group, the investor of Cocobay Da Nang, announced that it will stop paying buyers of its condotels the 12 percent annuity it had guaranteed on the units from January 1 next year.

Mr. Tien expressed concern that after conversion of condotels into apartments at Cocobay will cause resident population to rise to above 8,000 people (not including around 4,000 existing residents here), leading to pressure on urban infrastructure.

By Nguyen Cuong – Translated by Thuy Doan

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