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Vietnam Real Estate Market News

Vietnam Business » Vietnam Real Estate Market News » Island investors on notice

Island investors on notice

Phu Quoc Island projects are facing review and alterations following the prime minister-approved adjusted master plan to develop Phu Quoc to 2030.

Decision 633/QD-TTg released by the prime minister last week stated that Phu Quoc would become a special economic and administrative centre for Vietnam. It would also become a destination for domestic and international resorts and entertainment, urban development, and forest and marime preservation centres.

Pham Vu Hong, chairman of the Phu Quoc district Peoples Committee and director of the Phu Quoc investment and development management board, told VIR that under the new master plan, all projects in the island district would have to be reviewed and those that were not suitable would need to be adjusted.

"We will review all projects which have been proceeding in the district and the ones that are not suitable will have to be temporarily stopped until the investors alter the project in line with the new plan," Hong said.

Under the new plan, Phu Quoc will become a major tourism destination in Vietnam by 2030 with an estimated five to seven million domestic and international tourists per year.

The Peoples Committee of Phu Quoc has so far granted licences for 45 domestic and foreign-invested projects, with a total investment capital of nearly $3 billion. The district has also given approval in
principle for another 18 projects.

Hong said the new master plan would not subject any of the 18 projects to delays. Phu Quoc is the biggest island in Vietnam. Together with Phu Quoc island, another 21 islands make up Phu Quoc district, which has a total area of nearly 600 square kilometres, the same as Singapore.

The majority of tourism development projects are centred on famous destinations such as Bai Trem, Bai Sau, Bai Dat Do and Bai Ong Lem. Many of those are foreign-invested projects such as the Berjaya Long Beach resort, Veranda and Miramar. All of those consist of hotels, resorts, high-end villas, golf courses and apartments for lease.

The biggest project so far in Phu Quoc is the British Virgin Island Starbay, which was licensed in March 2008 with initial investment capital of $1.65 billion. The investor then raised the capital to $1.8 billion last year.

The company will develop Dai Beach Resort on 540 hectares at Dai beach in the islands Ganh Dau commune. The project is expected to be finished within 12 years of the development. It will include deluxe beach-front hotels, luxury villas and two golf courses, as well as condos, water lagoons, and entertainment and commercial facilities.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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