$4-billion South Hoi An casino officially starts construction
Contractor Coteccons today began the construction of the first phase of the $4-billion South Hoi An integrated casino resort, now named Hoiana, located in the central province of Quang Nam.
According to the newest plan, the first phase, which covers an area of 163 hectares with a total investment capital sum of $500 million, will include an 18-hole golf course meeting international standard, resorts, a shopping centre, and other infrastructure facilities. The construction is expected to be completed within 19 months.The project is invested by a joint venture of Vietnam-focused asset management firm VinaCapital, Macau-based SunCity Group, and Hong Kong-based Chow Tai Fook Enterprises Ltd.
Previously, in late April 2016, the investor held the ground-breaking ceremony. The plan for the first phase was to start operations in early 2019 and for the whole complex to be completed in 2035. Once the resort comes into operation, it will be the second largest casino in Vietnam, after The Grand Ho Tram Strip resort and casino complex located in the southern province of Ba Ria-Vung Tau.
In December 2016, VinaCapital announced that the property would be called Hoiana.
Licensed in 2010, the project was initially developed by VinaCapital and Genting Malaysia Berhad, and comprised of five-star hotels, villas, and a casino targeting foreign tourists.
However, in September 2012, Genting suddenly announced its withdrawal in the midst of site clearance, forcing VinaCapital to find other partners to jointly develop the project.
After over two years of searching, VinaCapital has finally found prestigious partners in SunCity Group and Chow Tai Fook Enterprises Ltd. to replace Genting Group for their proposed $4-billion integrated casino resort.
On March 23, 2015, the Quang Nam People’s Committee officially granted an amended investment certificate for the project, officially recognising SunCity Group and Chow Tai Fook Enterprises as stakeholders working in conjunction with VinaCapital.
Accordingly, Chow Tai Fook and VinaCapital are strategic investors and SunCity, which is 70 per cent owned by Chow Tai Fook, will cooperate with its mother company to manage and run the resort.
Chow Tai Fook is engaged in property development, hotels, casinos, transportation, and jewellery. Meanwhile, SunCity is a casino operator at the world’s largest casino hub, Macau.
Regarding Coteccons, the company was the contractor of numerous large-scale projects, including Masteri Thao Dien, Vinhomes Thang Long, Vinhomes Metropolis, Vinhomes Golden River, Landmark 81, and The Grand Ho Tram Strip resort and casino complex, among others.
Source: VIR
