Investment Updates News
- Hong Kong-based firm to invest $1.6 bln in building resort in Vietnam
Date: 17-Dec-2007 Sources: (People's Daily)
China's Hong Kong-based Starbay Holding Limited will pour 1.6 billion U.S. dollars into building a 500-hectare beach resort on Vietnam's Phu Quoc Island, southernmost Kien Giang province, local newspaper Vietnam Investment Review reported Monday.
Than Thanh Vu, a member of Starbay's board of directors, said the project would include eight beach-front hotels, villas, and two 18-hole golf courses. Other auxiliary facilities will include schools, hospitals and a wharf for 250 yachts to dock at a time.
The project would be decided into three stages with 300 million dollars initially spent on developing two five-star hotels, an 18-hole golf course, over 160 villas, and 20,000 square meters of restaurant and entertainment facilities. Construction of the whole project will be completed within 15 years.
'We are hastening investment formalities so that the project can be licensed soon. We expect to soon receive the investment certificate to start construction next June,' Vu said.
According to Phu Quoc's development master plan, the island will become a tourist paradise with around 18,000 hotel rooms, attracting two to three million visitors in 2020 with foreign tourists representing 30-40 percent of the total volume.
Now, Kien Giang province is home to 170 foreign and domestic investment projects, mostly tourism ones.
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