US Group Gets Nod for $1.2 bln Resort in Vietnam Island
The US-based Rockingham Corporation has reached agreement in principle with Vietnam’s southern Kien Giang province to lease land for a US$1.2 billion tourism complex on Phu Quoc Island.
The province has agreed to make available 923 ha on the island but further details of the agreement are awaited. It will allot the land by next year.
While awaiting central government clearance, the provincial authorities have told the Los Angeles-based company to go ahead with its planning for the complex.
The US investor’s proposal dovetails with a government master plan to turn the island into an international aqua-eco-tourism destination as well as a trade and cultural hub.
Rockingham proposes to build a 36-hole golf course, a high-end resort with more than 2,000 rooms, villas for rent, a motor racetrack, a tourism school, and other tourism facilities.
Construction is set to be completed by 2015.
The US group has established the Rockingham Vietnam Real Estate Development Company to carry out the project.
It had asked the local government for 1,400 ha for the project but there with the huge demand on the island from other investors, there wasn’t enough land to go around.
The authorities even relocated 28 smaller investors to find the 923 ha they eventually allotted the US investor.
The province had approved detailed zoning plans on 275 ha, with many smaller investors seeking to develop resorts, golf courses, and a fishing wharf.
Nearly 150 foreign and domestic investors have registered for business licenses in Phu Quoc.
Source: Thanh Nien News
