The Da Nang Department of Construction announced that the eligible apartments for sale are located on land plots CT3 and CT7. Of the 575 units, 569 are cleared for transaction, while the investor retained 6 duplex apartments as collateral.

Kim Long Nam Joint Stock Company is the investor behind the Da Nang Times Square project. The Da Nang People's Committee previously approved the project's conversion from commercial service land to urban residential land, and its function from condotels to condominiums.

The Da Nang Times Square project (the tallest building) is located in a prime area along the East Sea. Photo: Nguyen Dong

The Department of Construction noted that the land use rights and future assets of the project are mortgaged at Saigon - Hanoi Commercial Joint Stock Bank (SHB). The investor must complete the de-mortgage procedure or secure written consent from the bank to sign sales contracts with customers.

Regarding payment schedules, the investor cannot collect more than 30% of the contract value for the initial payment. The total amount collected before home handover must not exceed 70% of the contract value. Crucially, the investor is prohibited from collecting over 95% if customers have not received their Certificate of Ownership (red book).

Da Nang Times Square is situated at the intersection of Pham Van Dong and Vo Nguyen Giap streets, directly opposite East Sea Park. Under the revised plan, both CT3 and CT7 towers feature two basement levels, with 24 and 31 above-ground floors, respectively.

The Department of Construction also mandated that Kim Long Nam Company provide financial guarantees for each customer and ensure the accuracy of all documentation supplied before releasing the product to the market.

Following recent administrative mergers, Da Nang's real estate market is poised for significant growth, with substantial increases in land reserves, coastline, and urban development potential. Enhanced infrastructure connectivity between Da Nang and the former Quang Nam area is fostering a continuous development axis from the city center southward, driving large-scale urban projects, resort properties, and industrial zones.

Nguyen Dong