Quang Nam to Feature Another World Class Resort

The joint venture between local firm VinaCapital and Genting Group, a world leading developer of integrated resorts, one of best managed multinationals in Asia, has been allowed to reclaim a larger area in Quang nam province to implement the $4 billion South Hoi An tourism project. The project is a complex of five-star hotels, villas, resorts, gambling facilities for foreign tourists and boasts 2,500 houses for sale or rent.

This will be a potential competitor to others luxury resorts in Danang like Furama Resorts, Vinpearl Da Nang Luxury Resort & Residences or the other kid-on-the-block Nam Hai. Though the local authority tries to create an enabling environment for the developer and has no doubt over their financial capability, there is a certain window of time (12 months) for the developer to reclaim the needed area and start their work, or their investment certificate will be revoked.

The reason for the authority’s decision results from questions and complaints raised by local people about slow implementation of other similar tourism projects, which see them moved out of their land long before any work actually begins. Drawing a lesson from the failure of the $4.15 billion Dragon Beach Resort, proposed by United States-based Dragon Beach Group, which was revoked last year, VinaCapital and Genting Group have transferred USD15 million to the provincial authorities for site clearance and resettlement work. This may speed up the implementation.

The project, upon completion, will also employ a large number of local residents and near by Quang Nam people. With hope, South Hoi An project will complete on time, and enrich the luxury accommodation choices for both domestic and international tourists travelling to the region.