Phu Quoc: Where giant developers boost realty market

October 29, 2016 | 09:09
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With more than 260 developers pledging to invest roughly US$8 billion, the realty market of Phu Quoc has became more bustling than ever.
A view from balcony at Phu Quoc Marina. - Photo BIM Group

A number of under-construction projects aim to turn the district island into an exclusive economic zone.

The race has attracted large property developers BIM Group, CEO Group, Vingroup and Sun Group, who, seeing the tremendous opportunities, are gearing up investments to develop world-class resorts and recreation complexes.

Under the island's master plan, Phú Quốc will develop some 2,400ha urban land with a population of 300,000 by 2030. The Government also plans to build a developed infrastructure system for the island and turn it into a luxury tourism destination.

"Phu Quoc Island District has many favourable policies and incentives compared with other localities, which have attracted investors to tap its large tourism potential," deputy chairman of the district's People's Committee said.

Although 2015 was a difficult year for the tourism industry, with the first fall in the number of tourist arrivals since 2009, Phu Quoc started out the year with the number of tourist arrivals jumping by 30 per cent. In the first half of this year alone, tourist arrivals hit one million, equivalent to the whole of last year. Travelling to the island has become much easier with some 50 flights to and from the island every day.

In addition, Phu Quoc, Viet Nam's largest island nicknamed Paradise Pearl Island, is endowed with a beautiful beach, natural beauty and a diversified ecosystem, together with original cultural features, such as producing fish sauce and pearl farming.

"For this reason, Phu Quoc is a must-go destination for tourists and the opportunities are immense for investors," according to BIM Group, which is developing mega project Phu Quoc Marina on the island.

Phu Quoc Marina will be developed into a world-class resort and recreation complex, in which, BIM Group will partner with the world's leading hotels and resorts brands, such as InterContinental.

Notably, a 30ha water park, marine square and sailing club will help enrich the recreation options for tourists visiting the island.

On Bai Dai (Long Beach), Vingroup is also developing Vinpearl Phu Quoc resort complex worth dozens of billions of dong.

In addition, Sun Group is gearing up investments to complete its beachfront resort project and the telpher system.

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