It is known that BIM Group is one of the first investors to come to Phu Quoc long ago but why did BIM Group accelerate the implementation of Phu Quoc Marina project in just two years? Does the investment plan have anything different from the initial plan, sir?
Doan Quoc Huy: I think that now is a good time to promote investment in Phu Quoc Island. Problems that prevented investment in Phu Quoc in the past such as inconvenient transportation, small airports, poor infrastructure, etc have been resolved.
As a result, tourism began to boom and especially, after the new airport came into operation, the number of tourists always grows high.
The Phuc Quoc Marina project has a total area of 155ha and total investment of more than VND10,000 billion (USD440 million). The project will have three resorts. The first resort which is InterContinental with 339 hotel rooms, 115 apartments and five villas is in the process of finishing and preparing to launch.
BIM Group also recently signed with the Regent Hotel Management Group to bring the Regent Hotel brand to Phu Quoc. The third project, Park Hyatt, is built in a unique Vietnamese village style with 64 villas on an area of 60 hectares.
Phu Quoc is a new emerging tourist market so why did BIM Group select the international hotel management brand to operate the project?
Doan Quoc Huy: Although Phu Quoc is new destination, the investment in this island is booming. In the future,the supply of hotel room in Phu Quoc will be very large so if our projects are not different, it is difficult to compete.
Besides beautiful beaches, sunny year-round, Phu Quoc Island has an improved infrastructure system. In particular, the airport has been newly built and continues to be expanded.
In particular, Phu Quoc is the only place in Vietnam that international visitors can fly directly without a visa if they stay within 30 days. This policy is significant for attracting high-level tourists because they often travel without schedule and they do not want to be bothered by visa procedures.
International brands such as InterContinental and Regent also mean hotel room price will be from USD500 to USD600 or more. Phu Quoc has not got a reputation on the world tourist map so did BIM Group find it difficult to sell these rooms?
Doan Quoc Huy: It will certainly be challenging and time consuming. Phu Quoc has just begun to develop but with the available potential and the presence of more and more world-renowned hotel management brands, I believe it will become the destination of luxury travelers.
Is it difficult to invite international management corporations to run projects?
Doan Quoc Huy: Meeting all the standards of the international hotel management is a huge challenge. Satisfying these standards requires expensive investment but it is intended to bring comfort and safety to the customer.
We treat foreign management corporations as partners rather than as hired labor units. BIM Group is a strategic partner of the IHG Group in Vietnam and this will help BIM Group easier to work with other foreign partners.
Currently, BIM Group is investing in both Ha Long and Phu Quoc but where is the priority market?
Doan Quoc Huy: We invest heavily in both markets. Phu Quoc is a bigger market for resort than Halong but Ha Long is one of the largest tourist markets in Vietnam.
In Ha Long, we are developing the Citadines hotel apartment project. In addition, we will start building a 5 star hotel by the end of this year and this hotel will be managed by a large hotel corporation.
Compared with Da Nang or Nha Trang, Phu Quoc Island is a new destination for real estate investment resort but BIM Group offers InterContinental apartments with price from VND4 to 16 billion per unit and commercial townhouses also from 4 billion for one shallow. How are customers responding to this price?
Doan Quoc Huy: The demand for real estate investment in resort is very high. For example, during the first openings, shophouse orders were double the number of products offered.
With a price of over 80 million dong per square meter, it is true that the InterContinental resort price is not reasonable for most of people. However, the sale is still good. InterContinental Apartments customers receive 40% of revenue and the minimum return we commit is 9% per annum for 9 years.
Sincerely thank you!