Korean firm willing to invest $3.2 billion to revive Vung Tau Paradise project
By Quynh Chi
September 05, 2018 | 05:16 PM GMT+7
Korea Infrastructure Company Limited has just announced that it would invest $3.2 billion in Paradise golf and beach resort in Ba Ria - Vung Tau province if the company is accepted to be the investor.
Vung Tau - Paradise project has an area of 220 hectares in Bai Sau area, Vung Tau city
Korea Infrastructure Company Limited is a Korean firm specializing in real estate projects, high-grade resorts and passenger transport by rail and high-speed train.
The company wishes to contribute to the development of tourism in Ba Ria - Vung Tau province with such projects as a public bank project, Go Gang project, Saigon Atlantics project, and hi-tech industrial project.
Especially, this company is dedicated to investing in Paradise golf and beach resort and Bau Trung new urban area. The firm is expressing its desire to Ba Ria - Vung Tau province for the introduction of the location and related procedures to prepare and study the pre-feasibility and feasibility of the project.
If it is approved, the company will invest a total estimated capital of $3.2 billion in these two projects and cooperate with Korean companies to run the business and commit to strictly and fully meet the investment criteria of the project.
In 1991, Vung Tau Paradise Company, the Joint Venture between Vung Tau Intourco Resort and Paradise Development and Investment Company (Taiwan), was licensed to invest in the 220 hectare scaled Vung Tau - Paradise project located in Bai Sau, Vung Tau City with a 25-year term. However, it has expired from the end of 2015.
Since early 2016, Ba Ria – Vung Tau province has launched the investment promotion and lowered the criteria to select new investors having international standards, experience and capacity to replace the previous investor.
Accordingly, investors are required to invest at least $1 billion into the project, excluding expenses for site clearance and land rental, with at least 15 per cent of these funds coming from the investors’ equity. Furthermore, investors have to commit to paying land rental fees at once.
The new investors will have to turn Vung Tau Paradise into a high-end amusement, tourism, and resort complex, including a 27-hole golf course meeting international standards, a shopping center, a conference center, a five-star hotel, spa, and the highlight amusement park.
Also, the idea of planning and design of the Vung Tau – Paradise project must connect the technical infrastructure inside and outside the fence of the project, especially linking with Bau Trung area for transportation.
Since the beginning of 2016, this project has attracted much interest of large domestic and foreign corporations including Singaporean based Sebrina Holdings Pte Ltd, VinaCapital Investment Management Ltd, Nova Real Estate Corporation, Housing Development and Trading Company.
In particular, the Housing Development and Trading Company and its foreign partner Han - Guk Architects & Engineers (South Korea) have proposed two investment plans including the 18-hole golf course and 27-hole golf course investment plans.
With a 27-hole golf course, the investment area for the golf course will account for 52 per cent of the total land area of the project while the 18 hole golf course plan offers 30 per cent of the total land area for the golf course.
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