MoU signed on development of towers on 400 acre site.
The Ho Tram Project Company (HTP), a subsidiary of Asian Coast Development Ltd. (ACDL), and the Vietnamese construction giant Coteccons signed a Memorandum of Understanding (MoU) on December 2 to develop a series of new residential towers on HTP’s 400 acre site on Ho Tram Strip, just two hours from Ho Chi Minh City.
The MoU sees the companies agree to the development of multi-tower developments planned to have between 700 and 900 condominiums, depending on the configuration chosen by customers. These will be available to investors in Vietnam and overseas in a variety of packages, including time-share.
“We have long been focused on making Ho Tram Strip an exciting and accessible destination for visitors from near and far,” said the HTP's Executive Chairman, Mr. Michael Kelly. “The announcement allows potential investors and regular visitors to make Ho Tram a home away from home.”
“It’s an amazing time to be part of Ho Tram Strip,” Mr. Kelly added. “And we have to acknowledge the monumental role that Coteccons has played in the development of this property.”
Coteccons has been involved in Ho Tram Strip since its earliest days, building the first tower of The Grand, and is already at work on the second tower and the villa development. “Our announcement today represents the broadening of a relationship that has long been deepening,” said Mr. Kelly.
“We would like to thank everyone at HTP for their long partnership with Coteccons,” said Coteccons Chairman Nguyen Ba Duong. “This is an exciting new phase of a relationship that commenced more than seven years ago and sees us embark on a journey that takes us from client and contractor to partner.”
Announced during the $1.5 million Ho Tram Open golf tournament, the richest sporting event in Vietnam’s history, the announcement comes amid a flurry of activity on the 2.2 km beachfront site. The company has recently announced Mr. Kelly’s appointment, an injection of $100 million in a little over a year from its principal shareholder Harbinger Capital, the Open itself, and a slew of new amenities around the 541 room The Grand Ho Tram Strip.
With an eye on its burgeoning residential offering, the company also announced that the first of its 59 golf course villas have been both completed and sold.
ACDL is an international development company specializing in integrated resort destinations. Through its wholly-owned subsidiary HTP, ACDL is the developer of Ho Tram Strip, a group of integrated resorts and residences on more than 400 acres.
The first phase of its development, The Grand Ho Tram Strip, opened its doors in 2013 and includes a 541-room five-star hotel, a world-class entertainment facility, restaurants, high-tech meeting space, an exclusive VIP area, and three swimming pools, as well as a variety of beachfront recreation activities. Adjacent to The Grand, the 18-hole Greg Norman-designed championship golf course - The Bluffs - opened for play in early 2014.
Construction is underway on a second tower at The Grand, with an additional 559 rooms, bringing the resort’s total to 1,100. Future developments at the site will include a residential offering, a second integrated resort similar in size and scale to The Grand, and three additional five-star resorts.