A subsidiary of Suncity Group Holdings, Goal Summit Ltd, has signed a MOU with Suncity International Holdings to acquire the entire equity interest in and shareholders loan to Star Admiral Ltd., a company involved in an integrated resort project in Hoi An South in Vietnam.
The deal also includes a service provision MOU, which includes the provision of consultancy and management services by Suncity Group Management and Consultancy (Hoi An) Ltd. to Hoi An South Development Ltd (Project Co), owner of the integrated resort project.
The consultancy agreement will see Mr. Lo Kai Bong, an executive director of SunCity Group provide consultancy services to Mr. Alvin Chau who is chairman and executive director of the same company.
The Hoi An South Project, an integrated resort project being developed in Hoi An South, Quang Nam Province, Vietnam will consist of a tourism area, integrated resort and residential areas with the total land area of approximately 985.5 hectares.
The phase 1 development plan includes the building of an integrated resort complex with entertainment and retail facilities, consisting of a casino with a total of 140 gaming tables and 1,000 slot machines, a golf course clubhouse, a mass market hotel with 313 hotel rooms, an all-suite hotel with 136 suites, a hotel villa resort with 70 units, as well as 30 villa units for sale and timeshare rental, and a condo-hotel with 236 rooms for sale and timeshare rental.
The project is currently at development stage and is expected to complete phase 1 of the Project in 2019.