Van Phu Resort - Loc Binh Company has received the greenlight from the Thua Thien Hue provincial authorities to develop a mammoth tourism real estate project.
Thua Thien Hue Provincial People's Committee has recently issued a decision allowing the affiliate of Van Phu - Invest to develop the 300ha Loc Binh tourism complex in Phu Loc district, about 40 kilometres north of Danang international airport.
The property has been initially designed with 853 hotel rooms, 653 villas of all types, about 1,200 mini rooms and an 18-hole golf course, that will be able accommodate up to 10,000 visitors per night. Development cost is estimated at around $132 million and the project is expected to come into operation in the end of 2023.
The Loc Binh project marks the first step of the Hanoi-based company in tourism real estate development, which has seen a boom in investment over the last couple of years.
Van Phu - Invest has been focusing its investment on the residential sector in Hanoi and Ho Chi Minh City with ongoing projects under the Victoria, The Terra and The Grandeur brands. However, the company leaders have decided to expand investment in tourism real estate and Thua Thien Hue was its first destination.
"Thua Thien Hue holds great potential for development," said To Nhu Toan, chairman of Van Phu - Invest.
"The province is situated on the East - West corridor and has positioned itself as the country's cultural tourism centre. In addition to two UNESCO-recognized heritages, Thua Thien Hue has boast a plenty of unique architectural and cultural works and well-known landscape," Toan added.
Van Phu - Invest has signed strategic cooperation agreement with Thua Thien Hue authorities with the aim to support the province in working out development masterplans for the areas of Tam Giang - Cau Hai and Thuan An lagoons as well as An Van Duong new urban area.
The company is looking for ooportunities to invest in tourism, real estate and infrastructure projects in the province.
In addition to Van Phu - Invest, other investors such as Sun Group, FLC and BRG are setting sights on Thua Thien Hue, which is home to Laguna Lang Co tourism complex.
Laguna Lang Co has recently been allowed to increase investment capital from $875 million to $2 billion in order to build more hotels and add a casino. Developed by Banyan Tree Holdings, Laguna Lang Co currently features Angsana and Banyan Tree resorts as well as an 18-hole golf course.
BRG, the owner of Hanoi Hilton Hotel and Sheraton Grand Danang Resort, has also been given a nod to develop two tourism projects in Thua Thien Hue, with estimated investment capital of $180 million.
Meanwhile, Dang Kim Long Co. Ltd has been allowed to develop a $130 million tourism project in the province.