Realty firm licensed for resort development

1 Mar
Daewon-Thuduc Housing Development JSC has been given an investment certificate to develop a tourism property project in Long Hai Town in the southern coast province of Ba Ria-Vung Tau after waiting nearly two years for site clearance and other procedures.


Nguyen Huu Tam, company deputy general director, says the Cantavil-Long Hai Resort will require US$20 million for development, including US$5 million that was used to bid for the beach front land lot covering some 47,000 square meters in the town.

The resort will have 50 sea-view villas and a seven-story condo project to offer 30 luxury apartments and ten penthouses as hotel accommodation for holiday-makers and travelers. Other serviced facilities attached to the condo building will include bar, restaurant, meeting room, tennis court, spa and gym.
Tam told the Daily that the villas and apartments would be sold as long-term leasing following the project’s investment certificate life of 50 years.

Like other tourism properties, the company will manage these properties to help would-be owners lease their second homes during idle time for investment return.

Asked whether the company would cooperate with a hotel management company to run the resort, Tam said the company would manage the property itself, and management was a field the company had developed in its projects in the country.

Cantavil-Long Hai Resort is set to break ground by the third quarter and is scheduled to be up and running by mid-2013.

Daewon-Thuduc Housing Development, owned by Korea’s Daewon and Thu Duc Housing Development Corporation (Thuduc House), has invested US$47 million to develop the second phase of another property project in An Phu Ward in HCMC’s District 2, the Cantavil-Premier.

The project consists of two 36-floor blocks with 200 luxury apartments and floor space of some 30,000 square meters for a commercial center, serviced apartments, offices for lease, restaurant, entertainment, swimming pool and other service facilities.

Source: The Saigon Times

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