LDG Group holding on to Grand World Phu Quoc

20-Dec-2016 Intellasia | Vneconomictimes | 6:00 AM Print This Post

Contrary to recent reports, LDG is not planning to sell luxury resort and villa project on Phu Quoc Island.

CEO of the LDG Group, Nguyen Cao Cuong, has confirmed with VET that the company is the only developer of the Grand World project and it does not intend to sell the project to another developer as some media reports said.

“Other developers have shared their plans with us on co-investing in the project, as they believe it has great potential,” he said. “But we don’t intend to cooperate with another partner at this stage.”

Cuong’s comments follow reports that LDG was keen to find partners with finance for the project. If a developer wished to buy out the project at a higher value than the initial investment capital, according to the reports, LDG would be willing to sell.

Grand World is on 85 ha on Long Beach on Phu Quoc Island and is managed by Thailand’s Absolute Hotel Services Group (AHS). Under construction since August 2014, the project has total investment capital of VND4.6 trillion ($206.3 million) and includes 447 ocean view villas, villas under the forest canopy, and villas with gardens.

There are also 104 bungalows with views, while the hotel is of five-star standard and has 496 rooms on seven floors. Other facilities include a shopping mall, an entertainment area, multi-functional conference rooms, restaurants, swimming pools, and a modern spa and gym.

LDG plans to build 178 villas in the first phase and borrow VND1.76 trillion ($78.9 million) from the VietinBank Kien Giang branch, including VND700 billion ($31.4 million) in a mid- to long-term loan and VND1 trillion ($44.8 million) in a guaranteed loan.

The company plans to earn VND555 billion ($24.88 million) in revenue in 2016, up 15.6 per cent against 2015, and VND154 billion ($6.9 million) in after-tax profit, up 10 per cent. 2015 revenue was VND520 billion ($23.3 million), up 483 per cent compared to 2014, while after-tax profit was VND162.5 billion ($72.8 million), up 333 per cent.

The group is also the developer of other large-scale projects such as Grand World Da Nang, the Giang Dien Waterfall Eco-tourism Area in Dong Nai province, and the Mo Springs Eco-resort Park and urban areas in the south of the country.



Category: Business

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