The Ho Tram Project Company said it has begun construction work on the next phase of the $4.2 billion Grand Ho Tram IR project in Vietnam, breaking ground for the Kahuna Ho Tram Strip Condotel and Villa Development.
“With the commencement of piling today, we aim to be fully operational in early 2019. As the operator of the nation’s largest integrated resort, The Grand, we are uniquely qualified to develop a site that allows investors a chance to share in the fun and excitement that has come to define the Ho Tram Strip” said Executive Chairman of HTP Michael Kelly.
Kahuna is the fifth phase of the Ho Tram Strip development, comprising of 164 condotel units, 36 double key villas and 8 villas with beach frontage. It adjoins the existing 541 room 5-star The Grand Hotel, Vietnam’s largest and most-awarded integrated resort.
Investors entering into the 10-year Rental Pool Agreement will receive 21 nights free occupation per annum, a guarantee of 8 percent return on net sale price for the first 2 years, and a lessee-favored 60/40 split of the net rental revenue for the remaining 8 years of the term.
Kahuna residences range from VND 2 billion ($88,800) for a one-bedroom standard unit to VND 9 billion for a penthouse and villas start from VND 7.9 billion to VND 20.5 billion.
The Grand Ho Tram Project Co. is a fully owned unit of Asian Coast Development.
So far, more than $1.1 billion has been deployed in the Grand Ho Tram project. HTP also has plans to develop a private international airport located 15km away from the Ho Tram Strip. The project will span across an additional 236 hectare site and further enhance tourism and economic growth in the region.