A London-listed Indochina Capital affiliate has obtained two licenses to develop recreation projects at a total cost of US$118 million in central Danang city and Quang Nam Province.
On Friday, Danang authorities granted the investment certificate to Indochina Land Holdings (ILH) to develop an $80 million tourism complex in the coastal Ngu Hanh Son District.
The five-star coastal tourism complex covering 20ha-site will comprise of a 250-room hotel, a high-end 150-apartment block, a 40-villa area along with shopping malls and other recreation services.
Construction of the complex is expected to start by late this year and to complete in mid-2009.
Also yesterday, ILH received a license from the Quang Nam government to build a $38 million golf course in Dien Ban District.
The 18-hole golf course will be tailored and built by two US leading companies in golf recreation, Colin Montgomerie and IMG.
The frametime of the project was not given.
The company has now gone ahead with plans to set up a joint venture with a local company in Danang city to develop a wharf-commercial-tourism complex at an estimated cost of $25 million.
The complex will comprise of villas and high-end apartments along side Son Tra – Dien Ngoc beach for rent or sale, along with shopping malls and other facilities.
The ILH-invested $27 million Indochina River Towers comprising office-building, apartments and shopping mall is expected to finish early next year.
The Riverside Mall, a part of the Indochina River Towers project at Bach Dang Street, is set to open in November.
The three-story 6,600 sq.m facility will house clothing, cosmetics, footwear, home appliances and food retailers in some of the most expensive retail store space in the central region.
The tenant’s monthly rental cost will range from $15 to $55 per sq.m in the luxury shopping mall.
The parent company of ILH, Indochina Capital recently set up Indochina Capital Vietnam Holdings, valued at $500 million, listed with the ticker symbol ICV on the London Stock Exchange earlier this month.
Indochina Capital Vietnam Holdings, which is structured as a closed-end investment company, isn’t just investing in equities listed on the Ho Chi Minh stock exchange and over-the-counter stocks.
It will also look at private equity and potentially some derivatives and debt securities. And it can also invest in non-Vietnamese companies which have a material portion of their business or assets in Vietnam.
Source: Thanh Nien
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment