Hong Kong-based Starbay Holding is investing US$1.6 billion on a 500-hectare beach resort on Vietnam’s Phu Quoc Island.
Xinhua news agency, quoting Vietnam Investment Review, 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 delivered in three stages with the first phase launching two five-star hotels, an 18-hole golf course, over 160 villas, and 20,000 sqm of restaurant and entertainment facilities.
Construction of the whole project will be completed within 15 years, the report said.
“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,” an official was quoted saying.
According to Phu Quoc’s development master plan, the island will become a tourist paradise with around 18,000 hotel rooms. It is slated to attract two to three million visitors by 2020 with foreign tourists accounting for 30-40%.
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