Da Nang (VNA) - The centralcity’s investment promotion agency (IPA) has asked a group of investors for adetailed plan of their proposals to develop an artificial island resort projectoff the coast of Da Nang.

Deputy Director of the IPA Huynh Thi LienPhuong Huỳnh Thị Liên Phương told Viet Nam News that the project will create a1,400ha island tourism and entertainment complex costing around 8 billion USD.The project is backed by three investors – Pavilion from Malaysia, Vietnamesefirm Bamboo Capital and the Da Nang joint-stock food company (Danafood).

Phuong said the project is only in itsearly stages. A clear plan and questions of feasibility have not yet beendiscussed by local departments and agencies.

The group of investors has proposedbuilding what they will call the Lotus Island 1km from the mainland in Da NangBay in the Thanh Khe and Lien Chieu districts within six years.

The project will include different isletsin the design of a lotus and four bridges connecting the island to themainland.

The investors also plan to buildapartments, a cultural and entertainment centre, a technology park, a financialcentre, a Formula One track, a casino, golf courses, a retail centre and acruise harbour.

“We have asked investors to display moreinformation on the project and assessment process as well as conduct apre-feasibility study on the project,” Phuong said.

She said the mega project must be approvedby the Prime Minister and pass strict assessments by different ministries.

The project will dig sand from Da Nang Bayand nearby areas to construct the artificial island and islets.

Huynh Van Thang, an expert in irrigation,warned the project must be carefully scrutinised and supervised. He said it is imperative that authorities required a rigorous environmental assessmentincluding a study of how the project will affect the flow of local rivers andsea currents.

He said some coastal property projects in DaNang have changed natural flows and caused serious erosion of beaches.

The Lotus Island project will be thebiggest development project in Da Nang so far.

In 2011, property developer VinGroupplanned to build a coastal tourism complex on 1,500ha in Van village at thefoot of Hai Van Pass with a proposed investment of 5 billion USD. However,construction on the project has stalled since land clearance and residentialresettlement were completed in 2012.

The Sunrise Bay Project, part of theunder-developed coastal Da Phuoc urban project in downtown Hai Chau district,was seen as the biggest coast-expansion project in the city when it was built on200ha of backfilled sand.  

Tourism real estate remains an investmentmagnet in the central city, attracting 25 FDI projects worth 1.8 billionUSD.

Da Nang is a young city with an area of more than 1,280 sq. km., including the Hoang Sa (Paracel) island district’s area, and a population of about 1 million people. The city is blessed with about 92 km of coastline and 11 public beaches. 

The central city of Da Nang aims to have the GRDP growth of 9 – 11 percent and GRDP per capita ranging between 7,000 USD and 9,000 USD for 2018 – 2030.-VNA