Starbay to increase capital to US$1.8b
19-JUL-2008 Intellasia | Saigon Times Daily page 1
Jul 19, 2008 - 7:00:00 AM
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Starbay Vietnam Co has received approval from the Mekong Delta province of Kien Giang to increase its investment in a resort project on Phu Quoc Island from nearly US$1.65 billion to US$1.8 billion.
The company received a license in April to develop Dai Beach Resort on 540 hectares at Dai beach in the island's Ganh Dau Commune.
The project will include a deluxe beach-front hotel, luxury villas and two golf courses, as well as condos, water lagoons, and entertainment and commercial facilities, among others.
The project will be developed in five stages lasting 12 years.
Starbay, the biggest investor on Phu Quoc Island at the moment, will begin work on the project in the third quarter this year.
The island has a coastline of some 150 kilometres. The government has planned to develop Phu Quoc into a tourism paradise which can attract two to three million guests a year by 2020.
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