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|26 years after licensing, Vung Tau-Paradise is only partially completed, prompting the province to look for new investors|
In 1991, Paradise Development & Investment Company from Taiwan was granted the investment certificate to develop the 220-hectare Vung Tau-Paradise project with a total investment capital of $97 million, 75 per cent of which would come from Paradise Development & Investment, while the remaining 25 per cent from Ba Ria-Vung Tau International Tourism Service JSC.
However, during the 26 years since then, only the 27-hole golf course, a 38-room hotel, and water sport area have come into use, and the construction of the remaining stages has yet to be implemented.
In April 2016, when the project's investment certificate expired, the Taiwanese investor proposed the province to extend the licence so that it could complete the unfinished stages. However, the province decided to revoke the project’s licence and only agreed to extend the time for the investor to complete the procedures to liquidate the project.
Simultaneously, the province has called for other investors to pour money into the project. At the time, the province issued criteria to select investors. Accordingly, investors have to confirm to invest at least $2 billion in the project, at least 25 per cent of which coming from the investors’ equity. Besides, the investors have to complete the construction within three years and confirm that the project will create a connection with Bau Trung area.
At present, numerous domestic and foreign investors eye the project because the 220-hectare area is considered the only golden land plot left at the Bai Sau area of the province.
The first potential investor is Sebrina Holdings Pte., Ltd. from Singapore. Sebrina Holdings has 20 years of experience in the energy, property, and logistics sectors in Singapore. It currently has a representative office in Ho Chi Minh City. In 2015, representatives of Sebrina Holdings arrived to Vietnam to find investment opportunities in the seaport sector. In early 2016, it became the strategic investor of Hanel One Member Limited Liability Company.
Sebrina Holdings was expected to revive the unfinished Vung Tau-Paradise project. However, numerous other heavyweights are in line to take over.
These include VinaCapital Investment Management Ltd., Novaland, and Vingroup. Previously, Hanoi General Export Import JSC (Geleximco) held a working session with the provincial leaders and relevant authorities to learn about the procedure of developing an urban area, tourism, and sports complex on the land plot. Furthermore, Geleximco expressed interest in investing in Cai Mep Ha area in Tan Thuan district.
Meanwhile, Housing Development and Trading JSC (HDTC) proposed the province two investment plans on the land fund.
The winner of the race to seize the golden land plot under Vung Tau-Paradise project will be disclosed after the Taiwanese investor completes the procedure to liquidate the project.
|Ba Ria-Vung Tau seeking new developer for prime land plot|
|Local authorities put on market Vung Tau Paradise Resort|
|Paradise is up for grabs|
|Paradise lost for $97m project|