Chairman of Tri Duc Corporation: prestige is essential

Tri Duc's premier hotel-condotel complex

A bold start

Long first began in the export-import field. Later on, when his business matured and he recognised the enormous development potential in the market, Long decided to embrace the real estate business. The hotel and condotel complex positioned in Halong city’s Bai Chay ward in the north-eastern province of Quang Ninh is the first premier resort venue, and probably the project of the largest scale he has ever deployed until present.

“As a newcomer in a field dominated by many leading players, I have chosen to position myself through my business partners,” said Long.

Before the project kicked-off construction on December 6 last year, it took him almost two years to meet the strict requirements set by his company’s high-profile foreign business partners Hilton and Best Western.

Long shared that the foreign partners had set strict financial and technical requirements and conducted a thorough evaluation of the local partner’s capacity and expertise as a developer.

“After signing contracts with Hilton and Best Western, we chose to work with the world’s leading designers and home décor businesses recommended by our foreign partners for the new project to ensure quality,” Long added.

Accordingly, Tri Duc’s hotel and condotel complex will be designed by B+H Vietnam Architects Limited, a member of B+H Architects – a global leader in design, architecture, planning, and landscaping which was named among the top 50 architecture companies worldwide with more than 450 designers and architects.

The complex’s interior finishing will be handled by CHIL Interior Design, another renowned member of B+H Architects. The project’s construction is handled by Coteccons, a leading contractor in Vietnam.

Moving only when efficiency is guaranteed

Tri Duc has set itself apart from rivals in the market by joining hands with high-profile foreign partners in project development.

Questioned about competition, he said, “In the north, besides Hanoi, Halong is the second locality to accommodate a Hilton Group boutique hotel – that is our specific market niche.”

Quang Ninh province, the host location of the new hotel and condotel complex, is transforming day-by-day with a pipeline of important infrastructure projects.

A few months ago, Halong welcomed the first five-star international cruise with more than 3,000 passengers and crew members on board. Important expressways were opened to traffic, including the Haiphong-Halong, Halong-Van Don expressways, and in the near future Van Dong-Mong Cai Expressway. Van Don International Airport in Quang Ninh province was recently launched.

Visitor arrivals to Quang Ninh have seen a sharp jump in the past year. For the occasion of the 2019 New Year, the province welcomed more than 200,000 arrivals, up 30 per cent on-year, including more than 135,000 foreign visitors, a 25 per cent jump.

The higher number of foreign visitors ultimately lead to growing demand for luxury tourism property, supply of which is still modest in the province, proving that Tri Duc has taken the correct development direction with its new resort venue development.

The premier complex will feature two towers: the 27-storey DoubleTree hotel by Hilton Halong Bay Resort and the 34-storey Best Western Plus Halong Bay Hotel condotel. Though the project has yet to open for sales, 70 per cent of condotel units were reported to be sold, attesting to its charm as well as the righteous approach of the project developer.

More significantly, despite the project’s investment value surpassing VND3.3 trillion ($143 million), the developer has yet to seek capital support from banks until present.

Prestige is essential

For Long who is at the helm at Tri Duc Corporation, prestige is the loadstar in both living and business. When first conceiving the project, Long and his colleagues were very circumspect as there had been great controversy about condotels in the market.

Long, however, decided to go forward and opted not to avoid using the term ‘condotel’ for the project as he judged this announced a smart, international investment model.

Long also did not offer an overly high profit rate at the project to attract secondary investors. After consulting with Savills, a leading real estate investment consultancy firm, about the investment efficiency at the project, he fixed the profit rate at 8 per cent per annum in the first five years.

Besides doing business, Long and Tri Duc Corporation have been making active contributions to community and social development through a range of philanthropic activities, such as donating to poor households and students in rural and remote areas.

The premium venues DoubleTree by Hilton Halong Bay Resort and Best Western Plus Halong Bay Hotel are situated at the core of the Bai Chay tourism hub in Halong city. The venue is next to Sun World Halong Park, about a 15 minute drive from Tuan Chau Island, a 15 minute walk from Quang Ninh Museum, and 7 minutes from Bai Chay Beach.

Besides, it is only 100m from the pedestrian street, a 5 minute drive from Bai Chay Bridge, and is surrounded by a comprehensive suite of premium utilities and services in the bay area.