Suncity Group Acquires Integrated Resort Development Project in Vietnam
Suncity Group Holdings Limited (1383.HK) announced the acquisition of a 34% stake in an integrated resort development project in Vietnam, combined with shareholder loans, for a price of HKD 600 million.
The “Hoi An South Integrated Resort” project was officially inaugurated in a Foundation Stone Laying Ceremony held in Quang Nam Province of Vietnam last year. In attendance were Nguyen Xuan Phuc, Prime Minister of Vietnam, government officials from Quang Nam Province, together with a thousand of distinguished guests.
Located in the central Quang Nam Province, “Hoi An South Integrated Resort” is situated in the vicinity of Da Nang International Airport and famous tourist attractions such as Hoi An Ancient Town and the beautiful My Son Sanctuary. The project covers an area of 985 hectares and will be developed in seven phases with a total investment of USD 4 billion.
The first phase is anticipated to be completed in 2019, offering a total of 1,000 rooms in three hotels, residential villas and apartments, a large golf course, restaurants and retail stores, and a variety of leisure and entertainment facilities. In short term, the first phase can create more than 2,000 job opportunities to boost local economic development. Expected to be concluded in 2035, the project shall attract millions of visitors and generate over 16,500 jobs for the region, transforming the entire industrial structure from agriculture and fishing to high-income service industry, thus raising the overall living standard of local people.
In order to build “Hoi An South Integrated Resort” into the world’s leading tourism and leisure project, Hoi An South Development Ltd. (HASD) has been collaborating with a number of internationally renowned architects and consultants, including WATG, ARUP, Woods Bagot, Rosewood Hotel Group, and golf-course architect Robert Trent Jones II, aiming to achieve the highest standards for both exterior design and interior decoration.