A group of investors have proposed building a US$8-billion man-made island from land reclamation in Da Nang Bay, with the expectation that a Dubai-like area will emerge here.
The proposal was made by representatives from Malaysia-based property developer Pavilion Group, Bamboo Capital Group – a domestic company – and Danafood, a firm partially owned by the government, during a recent meeting with local agencies.
They wanted to construct in the Da Nang Bay what is known as the Lotus Island, which is expected to serve as a special economic zone with a residential area, casinos, financial centers, Formula One circuits, golf courses and tax-free retail locations.
The proposed island is likely to cover 1,400 hectares of water, lie about one kilometer off the coast and be connected to land by a bridge, according to Pham Tan Cung, Danafood’s general director.
Municipal departments unanimously supported investment in the project but pointed out several possible problems, including its harmony with Da Nang’s overall planning and the height clearance of its buildings.
Officials said permission from Vietnam’s Ministry of Defense is needed, citing influences on national protection as the island stretches a wide expanse of water.
Impacts on the local ecology, sea currents and fishing were also mentioned in the meeting.
Information on the project from the investors was insufficient for the plan to make its way to the municipal authorities and prime minister for consideration, according to what was discussed at the meeting.
The administration in Da Nang has not expressed any views on the project, which has been the investors’ suggestion on their part, a local official familiar with the matter said.