FLC Group to launch $163m project in central Vietnam

FLC Group, BIDV and Binh Dinh province signed cooperation agreement

Vietnamese property developer FLC Group will be developing a high-end resort complex in the coastal city of Quy Nhon, Binh Dinh province, in which it will invest VND3.5 trillion ($162.8 million), the company announced.

The  company has received the official investment certificate for the 300 hectare project, encompassing a golf course, six-star resort, hotels, five-star restaurant, conference centre and entertainment services, which will be operated from the beginning of next year.

“As we have learnt the investment incentives and tourism development potentials, FLC Group chose Binh Dinh as a destination for our investment,” said the group’s CEO Doan Van Phuong.

The province has a long coast, scenic spots and intangible cultural value, according to the deputy secretary of the provincial people’s committee Ho Quoc Dung. He expects that the project, named “Nhon Ly”, will benefit local people by promoting tourism.

Meanwhile, another provincial official revealed that although  many realty investors have come to Binh Dinh, progress has been slow.

Prior to the receipt of investment license, FLC Group, the Binh Dinh Province’s People’s Committee and the Bank for Investment and Development of Vietnam (BIDV)  signed a cooperation agreement, in which the province promised to support to the private investor while the BIDV will  offer financing of up to 70 per cent of the total investment.

Dung pledged the highest tax incentives, saying that there will be no other places in the country that offer such preference.

Real estate activities deployed by FLC Group are allocated along the country, typically the mega ecological resort project worth VND5.5 trillion in Sam Son Beach, Thanh Hoa City. Started in May last year, this project is likely to be inaugurated next month.

Savills, the international real estate consulting agency, values FLC Group’s project assets at $1.3 billion. The VND4 trillion company in charter capital posted a VND356 billion profit after tax last year, surging 260 per cent over 2013.

Related stories:

FLC implements $1bn investment, eyes Singapore listing

FLC buys realty projects for $286m in 2014

VinaLand divests from Vietnam-based Vung Bau project

Vietnam realty firm Studico to invest $14m for upgrading flagship project

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.