Ba Ria-Vung Tau seeking new developer for prime land plot

July 01, 2017 | 08:46

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The southern province of Ba Ria-Vung Tau is looking for a potential developer to rebuild the Vung Tau Paradise Resort which has been delayed for 25 years now.

Paradise Resort in Vung Tau city is awaiting a new developer to break 25 years of silence

On June 16, the authorities of Ba Ria-Vung Tau presided over a meeting with potential developer Housing Development and Trading Joint Stock Company (HDTC) to discuss the proposed investment plan for the resort.

Han-Guk Architects & Engineers from South Korea, invited by HDTC as the project consultant, presented the ideas to revive the project.

Accordingly, two options were put on the table. Option one is an 18-hole golf course project, which accounts for about 30 per cent of the total land area. The remaining 70 per cent would be allocated to villas, hotels, shopping malls, sea villas, floating resorts, amusement parks, and performance stage.

Option two is 27-hole golf course accounting for 52 per cent of the total land area. The rest of the complex would include a villa area, a hotel area, and a casino.

Chairman of the Ba Ria-Vung Tau People's Committee Nguyen Van Trinh asked the local Department of Construction to support the consultant in designing the project by reviewing and adding some items to meet the requirements of local tourism development.

Trinh also said that the aim of the province in the management of the Paradise Resort is selecting qualified developers to implement projects that can promote the tourism industry of the province. Particularly, the requirements of the committee when selecting developers included a $2-billion investment capital at least, 25 per cent of which must be equity, and that the project would be finished within three years.

Vung Tau Paradise lies on 220 hectares of land and was licensed to Joint Venture Vietnamese Vung Tau Intourco Resort JSC and Taiwanese Paradise Development and Investment Company in 1991, with an expiration time of 25 years. The project has the total investment capital of over $97 million, of which 25 per cent was contributed by the Vietnamese partner. However, the joint venture expired at the end of 2015.