A pipeline of sizeable projects has landed at Phu Yen province in Vietnam’s south central coast in the year to date to cash in on abundant local potential.
|Phu Yen offers all that is needed in a new investment destination |
Last month, Indochina Kajima joint venture and Kajima Corporation wrapped up the transaction and restarted an upscale resort property project valued at $1 billion in Bai Nom site which is managed by leading global brand Four Seasons.
According to Indochina Capital CEO Peter Ryder, inspired by stunning local nature, the project aims to turn Phu Yen into a global resort paradise and an architectural masterpiece paired with globally acclaimed awards.
Late last month, Hanoi-based multi-field group Everland simultaneously deployed two large-scale projects – Xuan Dai Bay resort complex and Crystal Holidays Marina Phu Yen in Song Cau town.
These two projects, classified at 5-6 star quality standards with 37-hectare scale and valued at nearly VND2.2 trillion ($95.6 million) are part of a prime urban tourism and services development spanning over 500ha in the south of Song Cau town.
In addition, Everland has inked a cooperative deal with Centara Group which manages the world’s leading hotel chains to manage, exploit, and promote the former’s resort venues.
Through the move, Xuan Dai Bay and Crystal Holidays Marina Phu Yen will join the global destination alliance system subject for getting exposure widely throughout the world.
|Through the move, Xuan Dai Bay and Crystal Holidays Marina Phu Yen will join the global destination alliance system subject for getting exposure widely throughout the world. |
Also in April 2021, Ho Chi Minh City-based major developer Novaland had a working session with Phu Yen leaders to voice their proposal on developing a mega property complex in the province.
Secretary of Phu Yen Party Committee Pham Dai Duong hailed the proposal and asked local relevant management agencies to create favourable conditions, paving the way for Novaland to come up with necessary steps before submitting their investment project record.
Commenting on Phu Yen’s investment potential and opportunities, Everland Group’s chairman Le Dinh Vinh said that Phu Yen has full potential to become the next investment destination.
“As a ‘later comer’ Phu Yen has certain advantages such as having a big land fund to develop sizeable projects, learning from experience of the forerunners, including developing tourism attached to environmental protection and sustainable development, laying the bedrock for long-term tourism development,” said Vinh.
In mid-March 2021, Phu Yen province and privately-held Times Garden Vietnam JSC signed an undertaking to finance the drawing of Phu Yen planning which aims to develop several sectors in which Phu Yen has bountiful potential like tourism, agriculture, and afforestation.
Simultaneously, Times Garden Vietnam inked a consulting contract package valued at $3 million on the planning work with two foreign players – Roland Berger (RB) and Surbana Jurong (SJ) who, more than a month after the signing, had submitted Phu Yen province socioeconomic development master planning for 2021-2030 with a vision towards 2050.
According to the foreign consultants, the master planning features 33 specific subjects, each shedding light on the real situation plus presenting concrete measures and orientations for implementation.
These subjects are slated for completion in December 2021 and will be serving as the input for penning the province’s integrated development planning later.