Sun Group consortium sole bidder for $441 mln central Vietnam property project

A consortium of Sun Group subsidiaries is the sole bidder for a VND11,071 ($441 million) real estate project in Binh Thuan province, a tourist hotspot in south-central Vietnam.

Kien Giang-based Phu Quoc Beautiful Beach Investment Limited Liability Company and Quang Ninh-based Ha Long Sun Limited Liability Company joined the bid for developing the Ham Tien-Mui Ne New Commercial and Service Urban Area project (Zone III) in Phan Thiet town, Binh Thuan.

The complex is designed to cover 218.87 hectares in Phu Hai ward, Ham Tien ward, and Thien Nghiep commune of Phan Thiet town.

A total of 80.2 ha will be used for housing, including 16 ha for social housing and the remaining for commercial housing, accommodating 125,000 people. Forty hectares will be dedicated to commercial services and public works.

The total investment excludes VND1,006 billion ($40 million) estimated to cover land compensation and resettlement.

The developer will have 10 years to implement the project from the date of issuance of the decision approving the results of investor selection.

The developer must contribute at least 15% of the total investment, or VND1,811 billion ($72.1 million).

Phu Quoc Beautiful Beach Investment is the investor of the Bai Sao complex in Phu Quoc island, dubbed the Pearl Island of Vietnam for its gleaming white sand beaches.

Ha Long Sun is known for the Sunworld Ha Long entertainment-tourism complex next to UNESCO-recognized heritage Ha Long bay.

Last month, the two companies joined a Sun Group-led consortium to develop a VND72.29 trillion ($2.8 billion) urban area in the southern industrial province of Dong Nai.

Binh Thuan, also famous for the Mui Ne white sand dunes, has emerged as a hospitality hotspot in Vietnam's south-central region. The province gave in-principle approval to 56 coastal tourism projects in the 2011-2023 period.