Project expected to now start shortly and boost local tourism.
On March 23 the Quang Nam People’s Committee officially adjusted the investment license for the Nam Hoi An Project, which develops urban areas, tourist sites and resorts together with social infrastructure to meet the demand for tourism services, recreation and residential development as well as urbanization in the central region.
Deputy Director of the Chu Lai Open Economic Zone, Mr. Do Xuan Dien, told VET that the investors replacing Genting Berhad Malaysia are Chow Tai Fook from Hong Kong and Sun City from Macau, with investment of $4 billion.
Construction of the project will begin at the beginning of 2016 in Thang Binh district and Duy Xuyen district on an area of 265 ha and is expected to be completed and opened in 2019.
The Nam Hoi An Project originally received an investment license in December 2010, with Genting Berhad Malaysia and VinaCapital as investors. In September 2012 Genting unexpectedly withdrew from the project. VinaCapital was determined to go ahead and sought replacement investors. In November 2013 it officially introduced a US investor, Peninsula Pacific, to the Quang Nam People’s Committee. In April 2014 the province sent a formal proposal to the government nominating Peninsula Pacific as the alternative investor for Genting. Chow Tai Fook and Sun City, however, have now been officially appointed.
“The Ministry of Public Security verified the capability of the investors and we believe the cooperation will accelerate the project’s progress,” Mr. Dien said. Despite the unchanged investment capital of $4 billion, the investors will now focus on the first phase of the project, with capital of $500 million.
“This project will make Quang Nam a new destination for international and domestic tourists,” Mr. Dien believes.