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Resort villas bask in sunshine amid gloom of property market

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Though the property market remains depressed, one segment is doing relatively well: resort villas.
Dozens of resort-villa developments are taking place in locations like Da Nang, Ba Ria Vung Tau, Nha Trang, Quang Ninh, Hai Phong, Phu Quoc, Con Dao, and Phan Thiet.
Some major projects include Blue Sapphire in Vung Tau, the Nam Hai in Hoi An, Hyatt Regency in Da Nang, and Amco Mibaek Vina in Hai Phong City.
Developers say demand for million-dollar units has been fair, while investors say they prefer to put money in resort villas because it will earn them rentals from tourism.
Nguyen Thu Huong, CEO of the Chicago, US-based MH Golden Sands Group which is developing the Saint Simeon project on Long Hai Beach in Ba Ria Vung Tau, said only 37 villas are planned to be built. Five of them were finished late last year and sold out at US$0.9-1.9 million, she said.
The next batch of five were put on sale recently and several customers had come to look, she said, adding investors are especially attracted to villas in advantageous locations and with luxurious facilities.
The $72-million development will be finished in 2014.
International property management company CBRE confirms that resort villas are the most marketable segment in the Though the property market.
It estimates that there are more than 55 projects under development along the coast and rivers and on islands, mostly in the Central region, with more than 5,300 resort villas and 6,600 luxury apartments.
Many of the resort villas have come into the market since last April. Analysts say this sector is a much better investment option in Viet Nam than trading foreign currency, gold, or stocks.
Da Nang tops in the number of developments.
Read more news about real estate in vietnam

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