Sunday, October 28, 2007

Winvest to increase investment in Vietnam resort to US$4billion

VietNamNet Bridge –Winvest Investment Vietnam Co., Ltd. will submit an application to spur its investment in a resort in Ba Ria-Vung Tau Province by a dozen times to US$4bil from the current US$300mil, a provincial official said.

The U.S. investor will prepare dossiers for the capital boost in the Saigon Atlantis Resort project in the coastal province, said Mai Ngoc Thuan, deputy head of the provincial Department of Planning and Investment.

"The investor is preparing its document for approval," Thuan told the Daily on Monday, adding the investment would be used to develop more luxury tourist facilities for the 300-hectare resort.

In April last year, the company received the license for the US$300-mil tourism and entertainment complex from the Ministry of Planning and Investment.

It aimed to develop an area of 300 hectares at Cua Lap, six kilometers east of Vung Tau City, into a complex of a five-star hotel of 800 to 1,200 rooms, villas, a golf course, shopping centers, restaurants, and other facilities.

"The company said the new investment will be spent on developing more luxury facilities such as building more five-star hotels rather than just one hotel in the old plan," Thuan said.

The investor presented the detailed scheme for the Saigon Atlantis Resort to leaders of the provincial government on Tuesday, and expected the resort to open in the next five years. At the presentation, the investor also gave a brief preview on the expanded plan if the capital boost is approved.

The investor has also paid VND50bil as part of the land rent to the provincial government to help the province cover the cost of site clearance for the project, Thuan said.

If the new plan of the project is approved, this second biggest tourism project in the province will take the top post as the most capital-intensive project in the province's hospitality industry.

Currently, the single biggest investor in the tourism sector there is the U.S.-based Good Choice Import-Export Investment Inc., which has committed over US$500mil in two projects there.

Last week, the provincial government approved the detailed plan of 1/500 scale for these two projects, comprising the Wonderful Park and an aquarium.