Tall & Urban News

Hong Kong-listed Suncity Group Holdings Limited has announced that the first phase of the Hoiana resort project on the south coast of Hoi An, featuring more than 1,000 hotel rooms, a casino, hotel and golf course, is anticipated to complete no later than the first quarter of 2020.

The project encompasses seven phases to be developed over a span of 13 years, on a site of approximately 985.5 hectares near the Vinpearl Resort & Golf Nam Hoi An.

On August, 28 2018, the Hong Kong-based property developer completed the acquisition of the entire equity interest and shareholder’s loan owed by Star Admiral, which held approximately 34 percent indirect equity interest in the project. Launched in late 2010, Hoiana was a joint venture between local investment-management and real-estate development firm VinaCapital and Genting Berhad Malaysia. Genting Berhad, however, announced its withdrawal two years later.

Hong Kong conglomerate Chow Tai Fook and Macau junket operator Suncity Group (the sister company of Suncity Group Holdings) then became investors and started construction of the project in 2017. Total registered investment capital of the project is more than US$4 billion.

The Danang Crown International Club is currently the only casino in the central region of Vietnam that is open to foreigners. Upon its completion, Hoiana casino will become the second one to welcome foreign visitors.

Various foreign investors have entered the casino business in Vietnam in recent years, as the country has been witnessing a rising number of international visitors.

The Grand Ho Tram Strip project in Ba Ria-Vung Tau is also operating a casino within its resort complex, with an additional one currently under construction.

For more on this story go to The Leader.