Dubai-based realty major Limitless resumes $550m Vietnam tourism project

 

 

Ground works at the project site commenced earlier this year with construction of the main access road underway and an infrastructure contract imminent in the next few days, the UAE company said in a statement.

 

"Vietnam offers huge opportunities for investment, especially for those involved in real estate and hospitality, who can benefit from the country’s rising tourism. Last year, six million people visited Vietnam, and the figure is growing. For this reason, Vietnam remains a key market for Limitless,” commented Mohammed Rashed Bin Dhabeah, CEO of Limitless, at the Vietnam-Dubai Real Estate Investment Forum recently in Vietnam.

Located at the UNESCO World Heritage Site of Ha Long Bay, Quang Ninh, Ha Long Star is a mixed-use development with the initial phase that will feature around 2,000 villas, townhouses and apartments, as well as extensive retail and leisure facilities and two hotels.

 

Quang Ninh province, one of the Southeast Asian country’s tourism hotbeds, attracts nearly three million overseas visitors each year.

Ha Long Star had been initially kicked off in 2007 as a joint venture between Limitless, International Property Investment Partners and local Vietnamese firm Viet My Ha Long JSC. In 2009, the Vietnamese partner took the minority stake of the JV held by International Property Investment Partners, while the project was halted due to Dubai World’s financial crunch, Vietnamese media reported.

 

Limitless got the amended investment licence in 2014.