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.