Ha Long city expects investment wave in Boutique shophouses
The increasing numbers of visitor to northeastern Quang Ninh province’s Ha Long city in recent years creates excellent opportunities for investment deals, especially in boutique shophouses – a real estate model combining mini hotels and shophouses.
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Boutique shophouses – a real estate model combining mini hotels and shophouses - have been developing in Vietnam in recent years (Source: vtc.vn)
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With a floor area of 100 square metres, a shophouse is only suitable for opening a restaurant, café or clothes shop.
Meanwhile, a boutique shophouse with more floor area is multi-functional and can be utilised as mini hotels, bars, leisure facilities, restaurants, spa or beauty salons.
Another plus point of boutique shophouses are their prime location along the Ha Long road and special design for commercial small hotels.
With an area of 632-900 square meters, each boutique shophouse can have up to 21 rooms, allowing owners to enter the mini hotel business without additional renovation costs.
Owners of boutique shophouses will also get long-term ownership certificates.
The boutique hotel and shophouse model emerged in the 1990s in major cities around the world, including Paris, London, New York and San Francisco, and has flourished in Asian tourist resorts in the 2000s.
It is fast becoming an attractive investment option in Vietnam even though it has only emerged in the country in recent years.
With stunning landscapes, clear turquoise sea and spectacular limestone pillars together with tourism investment projects, Quang Ninh boasts huge potential to develop tourism.
The province has a coastline of more than 250 kilometres and 2,000 islets, two-thirds of the total in Vietnam. The spectacular stretch of coast connects the UNESCO-recognised World Heritage Site of Ha Long Bay with majestic natural scenery, Bai Tu Long Bay, Van Don and Co To islands and Tra Co beach with Cat Ba National Park in the northern port city of Hai Phong.
Along with the renowned Ha Long Bay, Quan Lan, Minh Chau, Ngoc Vung, Dai beaches and in Van Don island district and Tra Co and Vinh Thuc in Mong Cai city have grown in stature among tourists thanks to their breathtaking sea and coral reef.
In 2017, Quang Ninh welcomed almost 10 million tourists, over 4 million of whom were foreigners. The province aims to attract more than 12 million visitors this year, including 5 million foreigners.
By 2020, Quang Ninh aims to welcome between 15-16 million tourists, including 7 million foreigners, and rake in VND30-VND40 trillion (US$1.3-US$1.7 billion) in revenue. The tourism sector is expected to contribute 14%-15% to the gross regional domestic product.
