VinaCapital, partners to open $4b Vietnam casino project in 2019

vinacapital partners to open $4b vietnam casino

Vietnam-based asset management firm VinaCapital and its Hong Kong and Macau joint venture partners have set a timeline for the long-stalled $4 billion tourism and leisure project Nam Hoi An, now re-branded as HOIANA, and are expected to launch the first phase in Q1, 2019.

VinaCapital acquired the project in 2007 and forged an alliance with Malaysia’s Genting Berhad to develop the township. However, the Malaysian partner soon exited the project, leaving VinaCapital scoutin for new investors.

Last year, the Vietnam fund manager announced partnerpartnership with Hong Kong diversified group Chow Tai Fook and Macau-based junket operator Suncity Group as it diluted its holding in the mixed-use development.

The first phase of HOIANA will feature a resort and casino complex including a 445-room hotel, 200 apartment-suites for sale on a buy-to-let basis operated by Hong Kong’s New World Hotels, with an ultra-luxury Rosewood spa resort, incorporating 75 guest villas and 25 exclusive residences, and a golf course designed by Robert Trent Jones II, several media reported a company announcement.

DEALSTREETASIA could not independently verify the announcement.

HOIANA is poised to become "Asia’s most renowned resort destinations, (…) a new benchmark for high-end tourism in Vietnam,” reportedly said Don Lam, CEO of VinaCapital.

"For enterprise, it’s the land of golden opportunity,” he added to the tourism attractiveness of the central city Hoi An, where the project is located.

HOIANA will also comprise a beach club, a hall to host entertainment activities and events, a watersports and diving centre, retail promenade as well as a range of new bars and restaurants as it is completed, according to the reports.

The developers also plan further investment for the $4 billion township in the next construction phases, which are due to be completed over the course of 10-15 years.

By Deal Street Asia

Next News

» US firms pin high hope on Vietnam » Da Nang luxury resort on top of the world » Vietnam up 14 ranks in trade ease index » VN needs more cheap housing: VNREA » CapitaLand to launch $500m Vietnam fund targeting commercial property

VinaCapital, partners to open $4b Vietnam casino project in 2019

Next News

Danh mục tin tức