Vietnam-based real estate management firm VinaCapital and its Hong Kong and Macau JV partners have set a timeline for the long-delayed US$4 billion tourism and leisure project Nam Hoi An.
The integrated tourism and leisure destination casino resort is now re-branded as Hoiana, occupying four kilometers of beachfront just outside the UNESCO World Heritage site Hoi An in Quang Nam province.
The project is expected to launch its first phase in Q1, 2019.
Hoiana’s first phase will feature a resort and casino complex including a 445-room hotel, 220 residential apartments for sale on a buy-to-let basis operated by Hong Kong’s New World Hotels.
Besides, the project also includes an extra-luxury Rosewood resort offering 75 guests villas and 25 exclusive residences, as well as a golf course designed by Robert Trent Jones II.
Hoiana will also comprise a beach club, a hall to host entertainment activities and events, a watersports and diving center, retail promenade as well as a range of new bars and restaurants as it is completed.
VinaCapital acquired the project in 2007 and forged an alliance with Malaysia’s Genting Berhad to develop the township. However, the Malaysian partner soon exited the project in 2012, leaving VinaCapital to scout for new investors
Last year, the Vietnam firm diluted its holding in the mixed-use development as it announced a partnership with Hong Kong Gold Yield Enterprises, a subsidiary of diversified group Chow Tai Fook and Macau-based junket operator Suncity Group.
“Hoiana is poised to become Asia’s most renowned resort destinations, and a new benchmark for high-end tourism in Vietnam,” reportedly said Don Lam, CEO of VinaCapital.
“For enterprises, it’s the land of golden opportunity,” he added, referring to the tourism attractiveness of the central city Hoi An, where the project is located.
The developers also plan further investment for the US$ 4 billion township in the next construction phases, which are due to be completed over the course of the next 10 to 15 years.
By Vivian Foo, Unicorn Media
This news is published on Reuters.