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The announcement follows the project’s launch earlier this autumn, which has attracted substantial interest from domestic and international investors alike.
Kahuna is the fifth phase of the Grand Ho Tram Strip development, comprising of 164 condotel units, 36 double key villas, and 8 villas with beach frontage. It adjoins the existing 541-room 5-star The Grand Hotel, Vietnam’s largest and most awarded integrated resort.
Located across the road is the award-winning The Bluffs golf course designed by Greg Norman and the prestigious Gallery Villas residential development. The Beach Club, currently under construction and topped out earlier this year, is a 559-room 5-star hotel, which, when completed in 2018, will increase the resort’s rooms to 1,100 and add various entertainment and leisure facilities to The Grand Ho Tram Strip.
Just two hours away from Vietnam’s largest metropolis, Ho Chi Minh City, Kahuna is ideal for investors seeking a second home. Investors entering into the 10-year Rental Pool Agreement will receive 21 nights of free occupation per annum, a guarantee of 8 per cent return on the net sale price for the first two years, and a lessee-favoured 60/40 split of the net rental revenue for the remaining eight years of the term.
“With the commencement of piling today, we aim to be fully operational by early 2019. As the operator of the nation’s largest integrated resort, The Grand, we are uniquely qualified to develop a site that allows investors a chance to share in the fun and excitement that has come to define the Grand Ho Tram Strip,” said HTP executive chairman Michael Kelly.
Kahuna residences range from VND2 billion ($88,800) for a one-bedroom standard unit to VND9 billion ($400,000) for a penthouse and villas start from VND7.9 billion ($350,000) to VND20.5 billion ($900,000).
Designed by leading Ho Chi Minh City architects Korn Architects and international engineers Aurecon, Kahuna captures the essence of a beachside holiday experience and offers a compelling opportunity to be part of a fast-developing coastal destination.
With over $1.1 billion deployed and forward-deployed capital, The Grand Ho Tram Strip is the largest foreign-invested tourism development undertaken in Vietnam and is the largest private equity investment into the country from the United States.
HTP also plans to develop a private international airport located 15 kilometres away from The Grand Ho Tram Strip. The project will span across an additional 236-hectare site and further enhance tourism and economic growth in the region.