TTC Land to inject $176 million in artificial island project in Phu Quoc

By Quynh Nhu - Jun 19, 2018 | 05:23 PM GMT+7

TheLEADERTTC Land Group is planning to invest $176 million in Ocean Lotus project, a first artificial island in Phu Quoc island district, Kien Giang province.

TTC Land to inject $176 million in artificial island project in Phu Quoc
The model of Ocean Lotus Island

The annual shareholders' meeting of Thanh Thanh Cong Land (TTC Land) has just approved an issuance of shares to mobilize additional capital of $97.2 million, of which $69.9 million would be used to repurchase as many as 79.82 percent stake of Toan Hai Van joint stock company (JSC), which is owner of a prominent real estate project, commonly known as Ocean Lotus Island.

According to Dang Van Thanh, President of TTC Land, the Group plans to invest $176 million in Ocean Lotus Island project for further development.

The project is located in a nearly 300 hectare area in Dam bay, South Phu Quoc island. It is designed and implemented by leading Asian and international companies in the field of artificial island construction such as Surbana International Consultants from Singapore, Kume Design from Japan and Royal Haskoning DHV from the Netherlands - the business consultant for Palm Island in Dubai.

The first part of Ocean Lotus Island project will be the establishment of a complex of industries - small craft industry - general port. Especially, there will be a stockpile of goods and victuals for the island in this complex, ensuring food security for Phu Quoc island, especially in the stormy season.

The second one will be the formation of beaches and artificial islands for resorts and ecotourism. TTC Land plans to build various condotel and five-star resorts in this cluster.

Taking over this project since 2009, Toan Hai Van JSC. lost many years for the compensation and clearance procedures, application for permission, infrastructure construction, followed by canal dredging for port construction.

Toan Hai Van JSC had successfully built a spacious seaport with over five berths and many large scale warehouses, by the end of 2017.

Upon its completion, Lotus project will be the very first artificial island in Vietnam. Looking from above, this island will surely look like lotus flower buds in the middle of the ocean.