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Tony Milton MRICS

BSc (Hons) Est Man

Hue land of opportunity – December 2010
Monday, 20 December 2010
Thua Thien-Hue is opening opportunities for investors to charge into real estate and infra­structure development projects
Thua Thien-Hue is opening opportunities for investors to charge into real estate and infra­structure development projects. Thua Thien-Hue Planning and Investment Department director Le Dinh Khanh told 1'7R that opportunities had arisen from investment certificates having been revoked for projects pro­posed by South Korea's Nam A D&C and Australia's Lost World. The committee last week decided to revoke the investment certificates of these projects. Nam A D&C received an investment certificate in 2008 to develop a $482 million multl-pur­pose tourism project in Phu Loc district's Loc Binh commune. The sprawling resort on 317 hectares was to have included an 18-hole golf course, a villa sec­tion, a hotel area, a seafront villa area and an entertainment section. The investor expected to open the resort in late 2010, before financial difficulties knocked it on the head. Khanh said two other Korean investors had expressed their willingness to take over this pro­ject. However, Khanh confirmed nothing had been finalised. The Lost World Resort Hue project is located in Phu Vang district's Vinh Thanh and Vinh An communes and received a licence in December, 2008. The $50 million project aimed to build a general tourist park including a central area, 50 villa area, 350-room hotel, convention centre, entertainment and sports area on 50ha. Khanh said domestic compa­ny Hun Nghi Cement Joint Stock Company was finishing related procedures to take over the pro­ject. Khanh said there were more opportunities for investors to invest in real estate and infra­structure development in Thua Thien-Hue. The people's committee at the end of last month held an invest­ment promotion conference in Ho Chi Minh City calling on investors to tap into the province. Khanh said the conference focused on potentialities and investment opportunities in tourism, service and real estate, industrial zone infrastructure, economic and hi-tech zones. "Through this conference many foreign investors had infor­mation about our pipeline pro­jects and they were very interest­ed in them," Khanh said. At the conference, the Singa­porean consultant Akitek Tengarra presented a master plan to develop Thua Thien-Hue's tourism to 2025 and a list of 10 key tourism projects to call on investment. Those included new residen­tial areas combining between agriculture and tourism, eco­tourism residential areas, Phu Bai airport, Lap An lagoon eco village, Vinh Thanh floating hotel, Thuan An floating hotel, "Venice in paddy field" multi functional property complex, Bach Ma resort, Luong Quan Artist village and a multi func­tional conference to serve for MICE tourism. Currently, Singapore's Banyan Tree Group is building a mammoth resort in Chan May­ Lang Co Economic Zone, to the tune of nearly $1 billion. VIR
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