Polo Beach eyes mammoth hotel complex in Binh Thuan
12-MAY-2008 Intellasia | Saigon Times Daily page
May 12, 2008 - 7:00:00 AM
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Hong Kong-registered Polo Beach International Limited has submitted a plan to build a tourism complex worth US$3.5 billion in Binh Thuan, which once licensed will be the biggest tourism project in the province, a tourism official said.
Le Thi Thanh Lien, deputy director of Binh Thuan's Department of Culture, Sport and Tourism, told the Daily yesterday.that the investor wants to build the complex named Cali Beach on 943 hectares in Bac Binh District.
"The investor has plans to develop five hotel sections of 800-1,000 rooms each, and a resort area. It also wants to develop sections for slot machines there," Lien said, adding the project has won approval in principle from the provincial government.
Construction of the complex, which occupies a 5.5 kilometres beach front area, will be implemented in two stages between 2009 and 202l.
During the first stage of 2009 -2011, the investor will develop infrastructure and other facilities such as a golf course of18holes, hotels, entertainment areas, a marina, and a yacht club. Many other facilities in the complex such as a hospital, a banking outlet, school, and others will be developed from 2012 to 202l.
Lien said that the investor late last month presented the development plan for the project to the provincial government, which has convinced authorities there. A detailed scheme will be presented this year.
"The detailed scheme will be submitted to the province late this year. Given the contents presented by the investor, I think that it is a feasible project," Lien said.
In its presentation to the provincial government, the investor also showed confirmation from the US-based bank Johnson Capital Group Inc to provide fund for the project. The bank undertakes that "the Polo Beach International Ltd has an available funding of over -four-and -a -half billion dollars to execute the project."
In the letter of confirmation, the ban said these funds are scheduled to be disbursed over the course of 10 years on the Polo Beach International's successful acceptation of full license and land allocation for the project.
Lien said together with this project, the Polo Beach International Ltd also wants to develop another project on Phu Quy Island.
"The project is worth US$900 million, and is being assessed by the provincial government," Lien said.
According to her, Bac Binh District has less tourism projects than other locations such as Phan Thiet City or Ham Thuan Nam, but the district is home to several big-scale projects. For instance, a foreign company has won a license for a project on 600 hectares worth 775 billion dong.
As of the middle of last month, the coastal province of Binh Thuan has licensed 403 tourism projects with total pledged investment of 19.4 trillion dong, or over US$1.2 billion.
The province's tourism sector expects to welcome two million local and foreign tourists this year, up by 200,000 compared to 2007, with a revenue of l.2 trillion dong, says a report of the provincial Department of Culture, Sport and Tourism.
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