CONSTRUCTION UPDATE ON HYATT REGENCY DANANG RESIDENCES
Hyatt Regency Danang Residences prove to be a concrete investment as construction progresses rapidly
DANANG, (March 18, 2010) — Indochina Land, the developers of the Hyatt Regency Danang Resort and Spa, have topped out on the property’s beachfront residences. The completion of the residential superstructures and commencement of the hotel construction is ahead of schedule for the US$130-million Hyatt Regency Danang Resort and Spa, located in the Ngu Hanh Son District along Danang’s pristine coastline.
Construction of the condominium superstructures for the five-star Hyatt Regency Danang Resort and Spa began in mid-October 2009. With Block A (9-stories) and Block C (6-stories) superstructures already fully complete, the superstructure for Block B, the taller of the three towers at 12-stories, is days away from topping out, which is expected to occur on April 1st.
Following the completion of the superstructures, the masonry teams have commenced with exterior brickwork, which is occurring simultaneously with the installation of the mechanical & electrical services. In addition to the condominiums, the property also includes 27 oceanfront pool villas, of which 17 are structurally completed. The structures for the remaining 10 villas will be completed in early April.
The hotel component of the project has also been given a fast track schedule and foundations have already been poured and columns and floor slabs are in place for the first floor level of the hotel. Construction of the resort’s facilities is also well underway, with special works commencing for the property’s beachfront restaurant, poolside dining area, conference center and Back-of-House areas. Work on the remaining structures for the Spa & Fitness Center, Regency Club and Camp Hyatt are all planned to begin in the coming months.
Commenting on the progress and pace of development, Mario Lotti, Project Director with Indochina Land said, “It is exciting to observe the synergies of the construction process, in which all of the elements come together in harmony – and on schedule – to create this legendary project.” Overseeing the day-to-day activities onsite, Lotti manages a workforce of over 900 construction workers, and expects that in the coming months the onsite crews will grow to 2,500 workers in total, as teams of contractors work simultaneously to complete the hotel, condominium and villa components.
Perhaps the only element that has been more impressive than the rapid construction progress on the project would be the brisk sales of residences. Since launching in May 2009, more than 75% of the released condominiums and villas have been sold. Many experts have been surprised with the success of sales; however, according to Michael Piro, Director of Sales and Marketing with Indochina Land, the results have gone according to plan.
“Our clientele, primarily Vietnamese, are quite savvy, and they recognize the investment merits of a Hyatt-branded property developed by Indochina Land. Both Indochina Land and Hyatt have significant amounts of brand-equity in Vietnam, and buyers have made a strong association between the brands and the quality of the property,” affirmed Piro.
“In our experience, branded properties add an extra level of comfort and desirability for buyers, particularly the Vietnamese, who value both the lifestyle afforded by branded residences and the prospect of capital appreciation,” he added.
With strong residential sales at the property, Indochina Land is now releasing a number of new luxury condominiums, starting from approximately US$200,000 per unit.
“As proud as we are of the transformations unfolding onsite at the resort, we are even more excited about the imminent completion and opening of the property next year,” says Peter Ryder, CEO of Indochina Land. “With strong sales and rapid construction progress, we remain encouraged as our project claims its place as the anchor of Danang’s developing coastline.”
Upon its completion, The Hyatt Regency Danang Resort and Spa will be the most luxurious and well recognized mixed-use resort property in Danang. It will mark the second property managed by Hyatt Hotels & Resorts™ to be opened in Vietnam, followed by the world renowned Park Hyatt Saigon. The Hyatt Regency Danang Resort and Spa comprises 200 hotel rooms, 174 luxury condominiums and 27 luxury three-bedroom pool villas and is expected to be open quarter 4, 2011.