VinaCapital, an asset management firm focused on Vietnam has reportedly teamed up with Hong Kong’s Gold Yield Enterprises Ltd. and the Suncity Group of Macau to develop the long-delayed US$4 billion tourism and leisure destination in South Hoi An, Vietnam.
“HOIANA is set to rank among Asia’s most renowned resort destinations, bringing a self-contained world of entertainment, leisure, pleasure and luxury lifestyle,” said HOIANA chairman, Don Lam, in an announcement.
The project has been a long time coming.
In 2014, the company was struggling to find a partner to replace Malaysia’s Genting Bhd, which pulled out in 2012. U.S. company Peninsula Pacific was planning to step in to fill the void that year, but it later withdrew.
Finally, more than two years later, the company has now announced that the first phase of the project is scheduled to open in the first quarter 2019.
Phase I will include a resort and casino, which includes a 445-room hotel complex, 200 apartment-suites operated by Hong Kong’s New World Hotels, an ultra-luxury Rosewood spa resort incorporating 75 guest villas and 25 exclusive residences, and a golf course designed by Robert Trent Jones II.
The project plans to add more hotels, residential and lifestyle zones, convention center and other facilities over next 10 to 15 years.