Khanh Hoa lands $230 million beach resort

T&M Van Phong Investment and Tourist Joint Stock Co will build a beach resort and entertainment complex at a cost of VND3.72 trillion (US$230 million) in the Van Phong Economic Zone in the southern province of Khanh Hoa, pursuant to an investment licence granted by the zone’s management board on Monday.

The Hon Ngang-Bai Cat Tham project, on an area of 295ha of land and 160ha of water in Van Ninh District’s Van Thanh commune, would become the largest tourism development in the economic zone, said an official from the provincial Department of Planning and Investment.

"When completed, the complex is projected to attract 300,000 tourists a year," said T&M Van Phong Co director Nguyen Chi Thanh. "All technology and services in the complex will be modern but close to nature so that visitors can feel the natural atmosphere when coming to the complex."

The project would be built in three phases. During the first phase of 2008-10, a five-star ocean and mountain resort would be built with 250 rooms. The first phase would also include technical infrastructure, wharf and sea port. The cost for this first phase was estimated to be VND580 billion ($36 million).

Four other resort areas with 500 rooms were planned for the second phase through 2015, along with the Hon Tre entertainment complex. Total cost for this phase was estimated at more than VND1.2 trillion ($75 million).

The last phase was planned fo 2015-18 and would include construction of 150,000sq.m of leasable commercial space at a cost of nearly VND2 trillion.

"Designers and consultants for the project are experienced ones from international and domestic companies. We are now considering an international consultant for our specific design," said Thanh.

T&M Van Phong Co is a subsidiary of T&M Group. The company expects to employ local labourers in the construction of the project, Thanh said, and the finished project would provide long-term employment in the area. (VNS)