A famous time
Started in June 2016 at the coastal area of Truong Sa street, Hoa Hai ward (Ngu Hanh Son district, Da Nang), the Cocobay Da Nang project of Thanh Do Construction and Development Investment Joint Stock Company ( Empire Group) has a scale of 31 hectares, with a total investment capital of more than 11,000 billion VND.
The project provides the market with diverse types of products such as condotels, hotels and resorts with subdivisions including: Coco Musica Resort, Sky Villas-Coco Ocean Spa Resort, Coco Wonderland Resort, Cocobay Towers, Coco Ocean Spa Resort , Coco Skyline Resort, Coco Ocean Resort and Boutique Hotel.
In 2016, Cocobay Da Nang was a famous super project, causing a stir when it launched with the highest profit commitment in the market up to 12%.
By 2017, the project was heavily advertised in the media. Notably, on April 27, 2017, at the official launching ceremony of the CocoBay Towers Twin Towers project located in the CocoBay Danang Tourism and Entertainment Complex of Empire Group in Madrid, Spain, World soccer superstar Cristiano Ronaldo – CR7 attended and officially signed to confirm that he would order a luxury Condotel apartment at the project and become an honorary customer of CocoBay Towers.
In a post on his personal page, Cristiano Ronaldo affirmed that Cocobay Da Nang is his home in Vietnam with positive words for this project.
Therefore, Cocobay Da Nang attracted a large number of investors to attend, causing a stir in the real estate market at that time when the investor committed to a profit of 12%/year for the first 8 years with existing customers. owns condotel.
However, in November 2019, Cocobay Da Nang was the first condotel project in Vietnam to officially announce that the company could not fulfill its “12%/year profit commitment” as advertised. Promote and sign contracts with customers who buy your condotel project.
Specifically, the investor announced to stop the profit commitment policy starting from January 1, 2020 due to financial difficulties, and at the same time offered solutions to customers including converting condotel apartments into apartment; liquidate self-employment contracts, liquidate refund contracts, propose more reasonable solutions. Since then, this super project has remained in a state of ruin.
Investors “have a bitter taste”
Latest developments about the project, on March 12, Mr. Hoang Duc Hanh, General Director of Thanh Do Company, just made a new announcement to customers. Accordingly, he said the company is in the process of restructuring and preparing resources to launch the project in the second quarter of 2024. Extending sales contracts with customers in recent times is something businesses do not want.
Therefore, Thanh Do notifies customers that it will unilaterally terminate the sales contract from March 12. The customer will hand over all legal documents related to real estate, the current status of the property received according to the handover record to the company, and at the same time coordinate with the company to liquidate the purchase contract.
A condotel apartment investor in this project since 2019 said he was quite surprised to receive notice of contract termination. When contacting the company, the investor offered two options for resolving the contract.
Option one is to receive an apartment in another project with the amount paid that will be deducted upon handover. The second option is to terminate the contract and wait for the investor to arrange finances to refund the money.
This investor lamented that no matter what the plan is, the one who will suffer will still be the customer.
A customer shared that, as far as I know, Thanh Do (owner of the Cocobay project) issued a contract liquidation notice for condotel contracts to convert to apartments, meaning “death” for the so-called “committed to profit”.
After liquidating the condotel contract, the investor will receive the apartment contract back or get their money back. Both forms of receiving the house and receiving the money must wait until the end of 2025 as promised by Thanh Do because according to them, they will only hand over the apartment to the customer after they complete the apartment or if they can sell the apartment before returning the money to the customer. customers choose one of the two.
“This is a lesson for investors when investing without careful research, greedy for committed profits but forgetting the real potential of the investor and the real value of the product,” this guest learned. learn.
