Banyan Group, Pegasus to develop $75 mln residence project in central Vietnam

Singaporean hospitality business Banyan Group and Vietnam's Pegasus Binh Dinh Investment and Consultancy JSC have signed a royalty agreement to operate Dhawa Residences Beachfront Quy Nhon in Binh Dinh province.

The residence project in the central coastal province, featuring 55 villas, is expected to become operational in 2025. It is part of the Dhawa Quy Nhon Vietnam project, managed under Banyan Group's Dhawa brand, with a target to create an international tourist destination with beautiful landscapes and architectural design.

With an estimated total investment value of S$100 million (USD74.64 million), Dhawa Quy Nhon Vietnam is the second phase of the Pegasus Education Tourism Development project. The development’s first phase was kicked off in 2016 with the opening of Outward Bound Vietnam (OBV).

Pegasus Education Tourism Development spanning about 60 hectares with its own beach front is part of Pegasus chairman Ricky Tan’s vision to strategically combine outdoor adventure education facilities with ecotourism hospitality development.

“The signing of the royalty agreement for Dhawa Residences Beachfront cements our long-term investments in Vietnam and marks a significant day for KinderWorld Group of Companies," Tan said.

"This second phase of Dhawa Quy Nhon offers the first-of-its-kind hotel with villa residences, in a mixed education tourism development in the central coast of Vietnam. When Singaporean firms collaborate and synergize together, sustainable and purposeful international projects can be achieved," Tan added.

Ho Kwon Ping, chairman of Banyan Group, commented: "We are delighted to advance our strategic alliance with Pegasus with the opening of the first Dhawa Residences within our dynamic multi-brand ecosystem. Located adjacent to Dhawa Resort Quy Nhon, also scheduled to open in 2025, this additional experience strengthens Banyan Group's expanding presence in high-growth travel destinations and exemplifies our commitment to excellence across a broad spectrum of offerings."

In 2023, Dhawa Resort Quy Nhon was named Best Resort Interior Design at the Asia Architecture & Design Awards. The resort design is praised for featuring distinct zones inspired by different aspects of Quy Nho’s cultural treasures, celebrating local culture and supporting craft villages. Design seamlessly blends with the natural surroundings, emphasizing the region’s rustic charms.

Binh Dinh province is gaining in popularity as a destination for tourism and hospitality, with a unique and ideal combination of historical structures, untouched beaches and lush greenery. With an approved masterplan for an international airport in Binh Dinh, international tourists will also be drawn to Dhawa Quy Nhon Vietnam‘s tranquil yet contemporary setting for an immersive experience.