Bamboo Capital Group gets deadline extension for $124 mln central Vietnam resort
A VND3.16 trillion ($124.4 million) resort invested by a subsidiary of leading Vietnamese multi-sector corporation Bamboo Capital Group has got its completion deadline extended until December 2025.
The extension has been granted because of delays in compensation and site clearance, the company said.
The Malibu MGM Hoi An resort project in Dien Duong ward, Dien Ban district, Quang Nam province is yet to clear 7,490 square meters of land owned by 12 households.
An illustration of the Malibu MGM Hoi An resort being built in Quang Nam province, central Vietnam. Photo courtesy of Bamboo Capital Group.
The provincial People’s Committee has asked the local Department of Planning and Investment to assist project owner Indochina Hoi An Beach Villas Company Limited in completing necessary legal documents.
It has also asked relevant agencies to work together and ensure payment of “proper compensation” to affected households towards facilitating full site clearance at the earliest. The agencies have been asked to report progress made to the provincial administration by December this year.
Work on the 10.3-hectare resort project started in September 2018. The resort, designed by U.S. firm BKAH and managed by global hospitality and entertainment company MGM Resorts International, features 96 villas and 657 five-star tourist apartments.
In 2018, Indochina Hoi An Beach Villas Company Limited was wholly acquired by Bamboo Capital Group, listed on the Ho Chi Minh Stock Exchange as BCG, for VND337 billion ($13.24 million). In March 2022, BCG divested an 89% stake in Indochina Hoi An, valued at VND502.5 billion ($19.7 million), to BCG Land, which is 62.1% directly owned by BCG as of January 2024.
The Malibu Hoi An resort project, which began sales in the third quarter of 2022, has sold 40% of its condotel units and four of 96 villas.
Indochina Hoi An Beach Villas Company Limited posted a loss of VND210 billion ($8.25 million) on revenue of VND350 billion in 2022. In the first nine months of 2023, it earned revenues of VND220 billion ($8.64 million) and made a net profit of VND5 billion ($196,430).
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