Nam Tien Lao Cai JSC, a leading diversified company based in the northern mountainous province of Lao Cai, has just inked a cooperation contract with major player InVision Hospitality on the operation and management of the Scenia Bay condotel complex in Nha Trang city of the central province of Khanh Hoa.
|Scenia Bay marks Nam Tien Lao Cai’s first steps into resort property development
The project reports a total investment capital amount of VND2.05 trillion ($93.4 million) and covers 7,666 square metres of land area. Designed with more than 700 condos for sale and over 270 hotel rooms for lease, the project is slated to commence operation in 2020.
Scenia Bay marks Nam Tien Lao Cai’s first venture into the resort property development field. Earlier, the company, which was founded 18 years ago, was mainly engaged in building roads in the province, hydropower plants (Ngoi Xan and Minh Luong plants), and several chemical production plants.
The company has also been involved in building some components of the Lao Cai-Cam Duong urban area.
According to the company’s general director Cao Thi Thu Hien, with last year’s revenue surpassing VND1.2 trillion ($54.5 million) from its member units and active financial support from leading state lender VietinBank, Nam Tien Lao Cai is confident it has sufficient financial capacity to do a smart job of building and operating the condotel project according to the set plan.
The project is currently in the foundation pile positioning stage.
After Scenia Bay, the company envisages developing its second resort property project in Nha Phu Lagoon area also in Khanh Hoa.