Saigontourist Holding Company (Saigontourist) has invested 328 billion VND (20.5 million USD) into the Grand Hotel, adding more floors, more rooms, and more amemities.
This move aims to transform and upgrade the old building in district 1, Ho Chi Minh City, to five-star standards,
The new Grand Hotel will be built on a 2,780 sq.m site and will feature 20 floors with 233 rooms.
Saigontourist is focusing on building and expanding other hotels in Ho Chi Minh City, including the Majestic Hotel, Kim Do Hotel, and Continental Hotel, all in an effort to reach next year’s target of 2,000 rooms meeting the five-star standard.
Source: VNA
Showing posts with label Tourism. Show all posts
Showing posts with label Tourism. Show all posts
Tuesday, August 14, 2007
RIC may beat profit target
The Taiwan-backed operator of Vietnam's biggest casino, Royal International Corp (RIC), may beat its profit target this year as it taps into the country's booming tourist industry by opening a Sheraton hotel in Halong Bay.
The company, which was floated on the Ho Chi Minh Stock Exchange <.VNI> last month, said it expects to post a net profit of $10 million for the whole of 2007, more than triple last year's figure of $2.9 million.
RIC's plan to open a 200-room Sheraton hotel, the first five-star accommodation in UNESCO-recognised Halong Bay, in October, may help it beat this target, which was set late last year.
"When we set the profit and revenue target for 2007 we did not count the revenues from Sheraton hotel so it is possible that the actual revenues and profit for 2007 would be higher than the target," Royal International Corp's Equity Department head Tran Trong Nghia said.
The Southeast Asian country is encouraging investors to build high-end hotels, resorts, and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
Recent government figures in the first seven months of this year soared 27.5 percent to 1.54 million people compared to the same period last year.
Casinos are only allowed to cater to foreign tourists as gambling is banned in Vietnam.
The company posted a net profit of $4.5 million in the first half, eight times higher than the same period last year, the company said on Tuesday.
Shares in RIC rose 1.44 percent to close at 141,000 dong ($8.7) each on Tuesday, valuing the firm at about $309 million.
RIC, 63-percent-owned by Taiwanese investors, is the only casino operator listed on communist-ruled Vietnam's stock market which now has more than 110 companies.
Source: Reuters
The company, which was floated on the Ho Chi Minh Stock Exchange <.VNI> last month, said it expects to post a net profit of $10 million for the whole of 2007, more than triple last year's figure of $2.9 million.
RIC's plan to open a 200-room Sheraton hotel, the first five-star accommodation in UNESCO-recognised Halong Bay, in October, may help it beat this target, which was set late last year.
"When we set the profit and revenue target for 2007 we did not count the revenues from Sheraton hotel so it is possible that the actual revenues and profit for 2007 would be higher than the target," Royal International Corp's Equity Department head Tran Trong Nghia said.
The Southeast Asian country is encouraging investors to build high-end hotels, resorts, and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
Recent government figures in the first seven months of this year soared 27.5 percent to 1.54 million people compared to the same period last year.
Casinos are only allowed to cater to foreign tourists as gambling is banned in Vietnam.
The company posted a net profit of $4.5 million in the first half, eight times higher than the same period last year, the company said on Tuesday.
Shares in RIC rose 1.44 percent to close at 141,000 dong ($8.7) each on Tuesday, valuing the firm at about $309 million.
RIC, 63-percent-owned by Taiwanese investors, is the only casino operator listed on communist-ruled Vietnam's stock market which now has more than 110 companies.
Source: Reuters
Tuesday, August 07, 2007
Vietnam gamblers arrested at foreigners-only casino
Twenty-eight Vietnamese nationals were arrested for illegal gambling after a police raid on a foreigners-only casino, officials and state media said on Monday.
Royal International Corp, operator of the Casino Hoang Gia (RIC), said that guards had taken bribes from locals to let them play there.
The communist-run country allows foreigners to play in local casinos to attract tourists, mainly Chinese and Koreans. Vietnamese citizens face up to seven years in jail for illegal gambling.
"The guards who let the Vietnamese play will be punished according to the law, but the casino is still open as usual," said a Royal International Corp official.
Taiwan-invested Royal International Corp became the country's only listed casino last Tuesday when it floated its shares on the main board Ho Chi Minh Stock Exchange.
Shares of the company were trading down 4.43 percent at 151,000 dong ($9.4) each at 0217 GMT on Monday.
Source: Reuters
Royal International Corp, operator of the Casino Hoang Gia (RIC), said that guards had taken bribes from locals to let them play there.
The communist-run country allows foreigners to play in local casinos to attract tourists, mainly Chinese and Koreans. Vietnamese citizens face up to seven years in jail for illegal gambling.
"The guards who let the Vietnamese play will be punished according to the law, but the casino is still open as usual," said a Royal International Corp official.
Taiwan-invested Royal International Corp became the country's only listed casino last Tuesday when it floated its shares on the main board Ho Chi Minh Stock Exchange.
Shares of the company were trading down 4.43 percent at 151,000 dong ($9.4) each at 0217 GMT on Monday.
Source: Reuters
Wednesday, August 01, 2007
Gambling provider makes debut on southern exchange
The Hoang Gia International Joint Stock Company – one of three businesses providing prize-winning electronic gaming for foreigners in Viet Nam – made its debut at the Ho Chi Minh City Securities Trading Centre, on July 31.
Some 29,000 shares of the company, coded RIC, were traded at a price of 174,000 VND per share at its debut trading session.
Hoang Gia, transformed from a foreign joint venture, has a statutory capital of 332 billion VND (around 21 million USD). The company has also been permitted to exploit more than 20 ha of land and 1,500 m of Ha Long Bay's scenic coastline.
Source: VNA
Some 29,000 shares of the company, coded RIC, were traded at a price of 174,000 VND per share at its debut trading session.
Hoang Gia, transformed from a foreign joint venture, has a statutory capital of 332 billion VND (around 21 million USD). The company has also been permitted to exploit more than 20 ha of land and 1,500 m of Ha Long Bay's scenic coastline.
Source: VNA
Tuesday, July 24, 2007
Taiwan-backed Vietnam casino to IPO by month end
The Taiwan-backed operator of Vietnam's biggest casino said it will list its shares on the Ho Chi Minh Stock Exchange, raising more than US$100 million, by the end of July, slightly earlier than expected. Royal International Corp (RIC), which runs the casino in Ha Long Bay, will list 8,589,119 shares, or 24.28 percent of the company, on July 31 at an initial price of VND200,000 ($12.4), RIC's Equity Department head Tran Trong Nghia said Tuesday.
The pricing valued the whole company at $438.6 million.
Investors can trade RIC shares within a 20 percent band on their debut date, according to the market rules.
Earlier this month, the company said a paperwork hitch in its listing application would the delay the initial public offering until the first week of August.
RIC, 63-percent-owned by Taiwanese investors, will be the only casino operator listed on Vietnam's stock market which now has more than 100 companies.
The Southeast Asian country is encouraging investors to build high-end hotels, resorts, and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
But casinos are only allowed to cater to foreign tourists as gambling is banned in Vietnam.
So far only two entertainment firms, Phuong Nam and Alta, are listed on the Ho Chi Minh exchange along with one hotel operator, Saigon Hotel.
RIC also operates 130 luxury villas in the UNESCO-Heritage Ha Long Bay, and it has contracts with US hotel operator Starwood Hotels & Resorts to manage two newly built hotels in Ha Long city.
RIC aims to double its 2007 net profit to $10 million from sales of $20 million, up from last year's earnings of $5 million.
Earlier this month Nghia told Reuters that RIC has asked for government permission to invest $300 million in an international airport in Van Don, near Ha Ong Bay in exchange for 1,500 hectares of oceanfront land for other casino and hotel projects.
Foreign investment in Vietnam's burgeoning tourism sector has reached around $700 million so far this year, mostly in hotels and golf courses.
Source: Thanh Nien
The pricing valued the whole company at $438.6 million.
Investors can trade RIC shares within a 20 percent band on their debut date, according to the market rules.
Earlier this month, the company said a paperwork hitch in its listing application would the delay the initial public offering until the first week of August.
RIC, 63-percent-owned by Taiwanese investors, will be the only casino operator listed on Vietnam's stock market which now has more than 100 companies.
The Southeast Asian country is encouraging investors to build high-end hotels, resorts, and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
But casinos are only allowed to cater to foreign tourists as gambling is banned in Vietnam.
So far only two entertainment firms, Phuong Nam and Alta, are listed on the Ho Chi Minh exchange along with one hotel operator, Saigon Hotel.
RIC also operates 130 luxury villas in the UNESCO-Heritage Ha Long Bay, and it has contracts with US hotel operator Starwood Hotels & Resorts to manage two newly built hotels in Ha Long city.
RIC aims to double its 2007 net profit to $10 million from sales of $20 million, up from last year's earnings of $5 million.
Earlier this month Nghia told Reuters that RIC has asked for government permission to invest $300 million in an international airport in Van Don, near Ha Ong Bay in exchange for 1,500 hectares of oceanfront land for other casino and hotel projects.
Foreign investment in Vietnam's burgeoning tourism sector has reached around $700 million so far this year, mostly in hotels and golf courses.
Source: Thanh Nien
Friday, July 20, 2007
Casino delays IPO to August
The Taiwan-backed operator of Vietnam's biggest casino said on Thursday it had delayed its initial public offering to next month due to procedural problems in its application to list on the Ho Chi Minh Stock Exchange.
Royal International Corp, which runs the casino in Halong Bay, had applied to sell 8 million shares, or about 23 percent of the company, on the exchange on July 20 to raise about $100 million for expansion.
"We had some problems with the listing paperwork, but that has been resolved now and we should receive our IPO and listing licence early next week," Tran Trong Nghia, head of the equity department, told Reuters.
The new schedule for the IPO and listing should be the first week of August," Nghia added.
The firm has said it expected the shares to sell for about 200,000 dong ($12.4) each in the IPO, or 20 times their face value of 10,000 dong.
The company, which also operates 130 luxury villas in the UNESCO-Heritage Halong Bay, has contracts with U.S. hotel operator Starwood Hotels & Resorts to manage two newly built hotels in Halong City.
Vietnam is encouraging investors to build high-end hotels, resorts and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
Foreign investment in the tourism sector has reached around $700 million so far this year, mostly in hotels and golf courses.
Casinos in Vietnam are allowed to cater only to foreign tourists as gambling is banned.
Source: Reuters
Royal International Corp, which runs the casino in Halong Bay, had applied to sell 8 million shares, or about 23 percent of the company, on the exchange on July 20 to raise about $100 million for expansion.
"We had some problems with the listing paperwork, but that has been resolved now and we should receive our IPO and listing licence early next week," Tran Trong Nghia, head of the equity department, told Reuters.
The new schedule for the IPO and listing should be the first week of August," Nghia added.
The firm has said it expected the shares to sell for about 200,000 dong ($12.4) each in the IPO, or 20 times their face value of 10,000 dong.
The company, which also operates 130 luxury villas in the UNESCO-Heritage Halong Bay, has contracts with U.S. hotel operator Starwood Hotels & Resorts to manage two newly built hotels in Halong City.
Vietnam is encouraging investors to build high-end hotels, resorts and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
Foreign investment in the tourism sector has reached around $700 million so far this year, mostly in hotels and golf courses.
Casinos in Vietnam are allowed to cater only to foreign tourists as gambling is banned.
Source: Reuters
Thursday, July 19, 2007
Hotel operator raises $11.5 mln at IPO
Vietnamese hotel operator Huong Giang Tourism Co raised 185 billion dong ($11.5 million) by selling 5.68 million shares, or nearly 25 percent of the firm, in an initial public offering on Wednesday, the stock market said.
The company, which operates major hotels in and around the central tourist city of Hue, sold all 5,677,100 shares on offer at an average price of 32,567 dong, the over-the-counter Hanoi market said in a statement.
Undisclosed foreign investors bought 2,103,000 shares in the tourist firm named after Huong river which flows through Hue, it said.
After the auction, the state would keep nearly 62 percent of Huong Giang and around 7.6 percent would be sold to strategic partners, company reports said.
Huong Giang has not said when it plans to list shares on the domestic market.
The firm has forecast its net profit next year would jump nearly 50 percent from 2007 to 25 billion dong ($1.5 million) on the back of expected higher foreign tourist arrivals in Hue, a UNESCO-recognised world heritage site.
Vietnam's tourism sector accounts for only a small part of the economy. The hospitality industry along with its food service accounted for only 4 percent of GDP in the first half of this year, the government said.
January to June foreign arrivals rose 14.7 percent from a year earlier period to 2.12 million, the Vietnam Tourism Administration has said.
Source: Reuters
The company, which operates major hotels in and around the central tourist city of Hue, sold all 5,677,100 shares on offer at an average price of 32,567 dong, the over-the-counter Hanoi market said in a statement.
Undisclosed foreign investors bought 2,103,000 shares in the tourist firm named after Huong river which flows through Hue, it said.
After the auction, the state would keep nearly 62 percent of Huong Giang and around 7.6 percent would be sold to strategic partners, company reports said.
Huong Giang has not said when it plans to list shares on the domestic market.
The firm has forecast its net profit next year would jump nearly 50 percent from 2007 to 25 billion dong ($1.5 million) on the back of expected higher foreign tourist arrivals in Hue, a UNESCO-recognised world heritage site.
Vietnam's tourism sector accounts for only a small part of the economy. The hospitality industry along with its food service accounted for only 4 percent of GDP in the first half of this year, the government said.
January to June foreign arrivals rose 14.7 percent from a year earlier period to 2.12 million, the Vietnam Tourism Administration has said.
Source: Reuters
Friday, July 13, 2007
Taiwan-backed casino to raise $100 mln in Vietnam IPO
The Taiwan-backed Royal International Corp, operator of Vietnam's biggest casino Halong Casino, aims to raise about $100 million from its debut listing on July 20, a company official said on Thursday.
"Our expectation is that the shares would be traded on Ho Chi Minh Stock Exchange at about 200,000 dong ($12.4) each on the first day of trading," Tran Trong Nghia, the company's head of equitisation, told Reuters.
He said the 8 million shares to be listed have a face value of 10,000 dong each ($0.63) and account for nearly 23 percent of the firm's total stake.
Source: Reuters
"Our expectation is that the shares would be traded on Ho Chi Minh Stock Exchange at about 200,000 dong ($12.4) each on the first day of trading," Tran Trong Nghia, the company's head of equitisation, told Reuters.
He said the 8 million shares to be listed have a face value of 10,000 dong each ($0.63) and account for nearly 23 percent of the firm's total stake.
Source: Reuters
Tuesday, June 26, 2007
VinaCapital to finance golf course
A 36-hole golf course will be built in the central city of Da Nang’s Ngu Hanh Son District, announced VinaCapital Group chairman Horst Geicke.
VinaCapital signed an agreeement last week with the UK’s Greg Norman Co to design the course.
"We hope to build a high-quality golf course which does not affect the traditional culture and the village atmosphere here, and we chose Gref Norman," said Geicke. "They have developed about a hundred golf courses around the world."
The golf course would be part of a high-end resort complex named Hoa Hai which VinaCapital is financing at a cost of US$130 million on a total area of 260ha, Geicke said.
Construction would be carried out in two phases, he added. The first phase, to be commenced by the end of this year and be completed within 12 months, would include a five-star, 350-unit resort, and a 10ha seaside villa complex, along with an 18-hole golf course.
The subsequent second phase will include hotels, a cultural village, a convention centre, a 30ha residential area and the second 18-holes of the golf course.
"We hope to contribute to the development of tourism in Da Nang and in the central region," Geicke said. "We aim to make the region a high-grade destination for international visitors, with leading golf courses Asia-wide."
VinaCapital currently manages two funds listed on the London Stock Exchange worth $1.4 billion and a $50 million joint venture.
The group planned to pour an additional $200-300 million into financing for infrastructure projects, Geicke said.
Source: VNS
VinaCapital signed an agreeement last week with the UK’s Greg Norman Co to design the course.
"We hope to build a high-quality golf course which does not affect the traditional culture and the village atmosphere here, and we chose Gref Norman," said Geicke. "They have developed about a hundred golf courses around the world."
The golf course would be part of a high-end resort complex named Hoa Hai which VinaCapital is financing at a cost of US$130 million on a total area of 260ha, Geicke said.
Construction would be carried out in two phases, he added. The first phase, to be commenced by the end of this year and be completed within 12 months, would include a five-star, 350-unit resort, and a 10ha seaside villa complex, along with an 18-hole golf course.
The subsequent second phase will include hotels, a cultural village, a convention centre, a 30ha residential area and the second 18-holes of the golf course.
"We hope to contribute to the development of tourism in Da Nang and in the central region," Geicke said. "We aim to make the region a high-grade destination for international visitors, with leading golf courses Asia-wide."
VinaCapital currently manages two funds listed on the London Stock Exchange worth $1.4 billion and a $50 million joint venture.
The group planned to pour an additional $200-300 million into financing for infrastructure projects, Geicke said.
Source: VNS
Monday, June 25, 2007
Hotel operator to raise $4 mln in IPO
Vietnamese hotel operator Huong Giang Tourism Co plans to raise around $4 million from an auction of 5.68 million shares, or nearly 25% of the company, next month.
The firm, which operates several major hotels in the central tourist city of Hue, said in a statement on Monday it had set a starting price for bidding at 10,700 dong ($0.66) a share for the auction on July 18.
The state will keep nearly 62% of the company and around 7.6% would be sold to its strategic parners.
The firm forecast its net profit next year to jump nearly 50% from 2007 to 25 billion dong ($1.6 million) on the back of expected higher foreign tourist arrivals in Hue.
Source: Reuters
The firm, which operates several major hotels in the central tourist city of Hue, said in a statement on Monday it had set a starting price for bidding at 10,700 dong ($0.66) a share for the auction on July 18.
The state will keep nearly 62% of the company and around 7.6% would be sold to its strategic parners.
The firm forecast its net profit next year to jump nearly 50% from 2007 to 25 billion dong ($1.6 million) on the back of expected higher foreign tourist arrivals in Hue.
Source: Reuters
Sacom lands deal to build resort in Vietnam central highlands
The Cables and Telecommunications Material Joint-Stock Company (Sacom) has replaced a Korean firm as contractor for a US$124-million resort complex including a golf course near Da Lat.
The Lam Dong province administration said the resort, 18 km from the central highlands resort town, would have a 36-hole golf course, 250 luxury villas, a five-star hotel, and a leisure area.
It has given Sacom one year to complete investment formalities after which another contractor would be chosen.
The Republic of Korea’s K’Gim company was the original partner in the project but the province scrapped the deal because K’Gim was slow to work on the formalities.
Sacom, based in Dong Nai province near Ho Chi Minh City, was the second firm to list on the country’s stock market when it was manufacturing electrical and telecom cables a few years ago.
Now it has diversified into real estate and telecom services.
Source: Thanh Nien
The Lam Dong province administration said the resort, 18 km from the central highlands resort town, would have a 36-hole golf course, 250 luxury villas, a five-star hotel, and a leisure area.
It has given Sacom one year to complete investment formalities after which another contractor would be chosen.
The Republic of Korea’s K’Gim company was the original partner in the project but the province scrapped the deal because K’Gim was slow to work on the formalities.
Sacom, based in Dong Nai province near Ho Chi Minh City, was the second firm to list on the country’s stock market when it was manufacturing electrical and telecom cables a few years ago.
Now it has diversified into real estate and telecom services.
Source: Thanh Nien
Thursday, June 21, 2007
Vincom to auction 5 million shares in July
Vincom JSC on June 20 announced plans to sell five million shares during its initial public offering in the third quarter on the Ho Chi Minh City Securities Trading Centre.
The book building phase of the IPO will take place on July 3, with shares entering the stock market in early August. The shares carry a face value of 10,000 VND (0.63 USD) a piece, and will be offered at 80,000 VND next month.
The IPO is part of Vincom's plans to mobilise 775 billion VND by selling 20 million shares. The remaining 15 million shares will be sold to existing stock holders at 25,000 VND a piece.
The money raised will go toward improving the company's capital position and fund future projects.
"Over the last five years, we have maintained a solid position in the real estate market," said Vincom board chairman Le Khac Hiep. "We will continue to focus on this field in the coming years".
According to Hiep, major upcoming projects include a 456-billion VND (28.5 million USD) trade and apartment complex, the 1.5-trillion VND (93.75 million USD) Long Bien Eco-Tourism Resort and a 4-trillion VND (250 million USD) hydro-electric power plant.
Hiep said competition will continue to grow in the property development and construction industries, beyond current players like Trang Tien Plaza, Big C Thang Long and Opera Business Centre.
"We still aim to be a leading property developer in Viet Nam," said the board chairman.
Vincom now has 600 billion VND (37.5 million USD) in total equity, and expects to earn a revenue of 221 billion VND this year.
On the over-the-counter market, Vincom shares are now trading around 136,000 - 140,000 VND a piece.
Source: VNA
The book building phase of the IPO will take place on July 3, with shares entering the stock market in early August. The shares carry a face value of 10,000 VND (0.63 USD) a piece, and will be offered at 80,000 VND next month.
The IPO is part of Vincom's plans to mobilise 775 billion VND by selling 20 million shares. The remaining 15 million shares will be sold to existing stock holders at 25,000 VND a piece.
The money raised will go toward improving the company's capital position and fund future projects.
"Over the last five years, we have maintained a solid position in the real estate market," said Vincom board chairman Le Khac Hiep. "We will continue to focus on this field in the coming years".
According to Hiep, major upcoming projects include a 456-billion VND (28.5 million USD) trade and apartment complex, the 1.5-trillion VND (93.75 million USD) Long Bien Eco-Tourism Resort and a 4-trillion VND (250 million USD) hydro-electric power plant.
Hiep said competition will continue to grow in the property development and construction industries, beyond current players like Trang Tien Plaza, Big C Thang Long and Opera Business Centre.
"We still aim to be a leading property developer in Viet Nam," said the board chairman.
Vincom now has 600 billion VND (37.5 million USD) in total equity, and expects to earn a revenue of 221 billion VND this year.
On the over-the-counter market, Vincom shares are now trading around 136,000 - 140,000 VND a piece.
Source: VNA
Wednesday, May 16, 2007
VinaCapital buys 70 percent stake of Omni Saigon Hotel
The VinaCapital Group announced on May 15 that it has acquired a 70-percent stake of a five-star hotel in Ho Chi Minh City.
“VinaCapital acquired the stake in the Omni Saigon Hotel for 21 million USD through its subsidiary, VinaCapital Hospitality," Pham Gia Tuan, VinaCapital's financial director said, adding “this is the first hotel in the city to have been bought by the group.”
The Omni Saigon Hotel began its operations in 1992. Located on Nguyen Van Troi Str, which links the Tan Son Nhat International Airport and the city centre, the hotel, with 248 rooms and apartments, has consistently enjoyed high occupancy rates.
Stephen O’Grady, Managing Director of VinaCapital Hospitality, said his group had previously invested in a series of hotels and resorts, including Sofitel Metropole, Hilton Hanoi Opera, Novotel Hanoi, a golf court-cum-resort complex in the town of Da Lat, the VinaCapital Hoi An Royal Bay in the central coastal province of Quang Nam and other projects, which are still under construction in the central coastal city of Khanh Hoa.
Source: VNE
“VinaCapital acquired the stake in the Omni Saigon Hotel for 21 million USD through its subsidiary, VinaCapital Hospitality," Pham Gia Tuan, VinaCapital's financial director said, adding “this is the first hotel in the city to have been bought by the group.”
The Omni Saigon Hotel began its operations in 1992. Located on Nguyen Van Troi Str, which links the Tan Son Nhat International Airport and the city centre, the hotel, with 248 rooms and apartments, has consistently enjoyed high occupancy rates.
Stephen O’Grady, Managing Director of VinaCapital Hospitality, said his group had previously invested in a series of hotels and resorts, including Sofitel Metropole, Hilton Hanoi Opera, Novotel Hanoi, a golf court-cum-resort complex in the town of Da Lat, the VinaCapital Hoi An Royal Bay in the central coastal province of Quang Nam and other projects, which are still under construction in the central coastal city of Khanh Hoa.
Source: VNE
Thursday, April 19, 2007
VinaCapital to build resort in Hoi An
VinaCapital Hoi An Resort, a company that was just launched last Saturday, announced plans to build the US$16-million Hoi An Royal Bay Resort.
The company is a joint venture between Onshine Investment Ltd under the VinaCapital Group and Sai Thanh International Investment and Tourism JSC (STI).
The developers hope to turn the resort into a five-star facility, covering 7.3ha in Dien Ban District, Quang Nam Province.
The resort will have 100 small villas, swimming pools, restaurants, clubs and offer an array of services.
Nguyen Duc Tri, STI general director, said that three-months after receiving an investment licence, the project was approved by the Quang Nam Construction Department, opening the way for the company to begin clearing land for construction.
Le Minh Phuc, VinaCapital Hoi An general director, said construction of the resort will begin this year and be completed within 30 months. Executives hope to begin welcoming guests in 2009.
On Saturday, VinaCapital also signed a management service agreement for the Hoi An Royal Bay Resort with Accor, a leading international hotel management company.
Source: VNS
The company is a joint venture between Onshine Investment Ltd under the VinaCapital Group and Sai Thanh International Investment and Tourism JSC (STI).
The developers hope to turn the resort into a five-star facility, covering 7.3ha in Dien Ban District, Quang Nam Province.
The resort will have 100 small villas, swimming pools, restaurants, clubs and offer an array of services.
Nguyen Duc Tri, STI general director, said that three-months after receiving an investment licence, the project was approved by the Quang Nam Construction Department, opening the way for the company to begin clearing land for construction.
Le Minh Phuc, VinaCapital Hoi An general director, said construction of the resort will begin this year and be completed within 30 months. Executives hope to begin welcoming guests in 2009.
On Saturday, VinaCapital also signed a management service agreement for the Hoi An Royal Bay Resort with Accor, a leading international hotel management company.
Source: VNS
Tuesday, April 17, 2007
Small Hotel operator sells equity stake to public
A small Vietnamese hotel company raised 67.24 billion dong ($4.2 million) by selling more than 90% of its shares to the public on Monday, the Hanoi stock market said.
Song Nhue Tourist Hotel Company sold all 1,399,640 shares on offer, or 93.31% of its total, to Vietnamese individual investors, the stock exchange said in a statement. It did not disclose the identities of buyers.
The shares were sold at an average price of 48,038 dong ($3), above the 30,000-dong initial price set for bidding, suggesting the firm was valued at $4.5 million.
Neither institutional investors nor foreign investors joined the auction and the company, based in the northern province of Ha Tay, did not say when it planned to list its shares or how the proceeds would be invested.
It operates a hotel in Ha Dong, the capital of Ha Tay province 10 km (6 miles) southwest of Hanoi.
While Vietnam's tourism sector has posted a 20% growth in revenues in 2005 and 2006, reaching $2.2 billion last year, most of the earnings came from Vietnamese travellers who enjoyed rising incomes in line with an economic growth of 8%.
Source: Reuters
Song Nhue Tourist Hotel Company sold all 1,399,640 shares on offer, or 93.31% of its total, to Vietnamese individual investors, the stock exchange said in a statement. It did not disclose the identities of buyers.
The shares were sold at an average price of 48,038 dong ($3), above the 30,000-dong initial price set for bidding, suggesting the firm was valued at $4.5 million.
Neither institutional investors nor foreign investors joined the auction and the company, based in the northern province of Ha Tay, did not say when it planned to list its shares or how the proceeds would be invested.
It operates a hotel in Ha Dong, the capital of Ha Tay province 10 km (6 miles) southwest of Hanoi.
While Vietnam's tourism sector has posted a 20% growth in revenues in 2005 and 2006, reaching $2.2 billion last year, most of the earnings came from Vietnamese travellers who enjoyed rising incomes in line with an economic growth of 8%.
Source: Reuters
Saturday, March 31, 2007
Vincom licensed to build recreation center in Hanoi
Vincom Joint Stock Company, which owns Vincom City Towers, a large commercial center in Hanoi, got the license Thursday to build a 94 million US$ entertainment complex in suburban Hanoi.
The 500 ha complex, straddling Long Bien and Gia Lam districts, will comprise a 36 hole golf course, shopping malls, restaurants, a hotel, villas.
Work on the project is expected to kick off in August and will be done in two phases.
The golf course – the largest in the city – a tourist port on the Hong (Red) River, a park, shopping malls, restaurants, and other leisure facilities will be completed first.
However, it is not known when the work will be completed. A second phase will see the construction of the hotel and villas.
Vincom is planning to list on the Ho Chi Minh City stock exchange this year.
It has already applied to the State Securities Commission to make an initial public offering and said details would be revealed upon receiving approval.
The company has tied up with a local partner to renovate the Thong Nhat Park also at a cost of $94 million.
Vincom Joint Stock Co was established in 2002 with a chartered capital of VND251 billion (15.7 US$ million).
It has since increased its capital to VND600 billion.
Source: Thanh Nien
The 500 ha complex, straddling Long Bien and Gia Lam districts, will comprise a 36 hole golf course, shopping malls, restaurants, a hotel, villas.
Work on the project is expected to kick off in August and will be done in two phases.
The golf course – the largest in the city – a tourist port on the Hong (Red) River, a park, shopping malls, restaurants, and other leisure facilities will be completed first.
However, it is not known when the work will be completed. A second phase will see the construction of the hotel and villas.
Vincom is planning to list on the Ho Chi Minh City stock exchange this year.
It has already applied to the State Securities Commission to make an initial public offering and said details would be revealed upon receiving approval.
The company has tied up with a local partner to renovate the Thong Nhat Park also at a cost of $94 million.
Vincom Joint Stock Co was established in 2002 with a chartered capital of VND251 billion (15.7 US$ million).
It has since increased its capital to VND600 billion.
Source: Thanh Nien
Friday, March 30, 2007
PetroVietnam to build hotel complex
The Hanoi administration gave approval Thursday to Vietnam Oil and Gas Corp. (PetroVietnam) to build a five-star hotel and commercial-residential complex at a cost of 90 million US$.
The complex will be built on a 3.7 hectare site in Tu Liem district’s Me Tri Culture and Sports Park.
PetroVietnam’s director general, Tran Ngoc Canh, said it would contain at least 350 hotel rooms besides a number of luxury apartments and offices.
An 88-storey office building, Vietnam’s tallest structure, would be built along with an imposing commercial and entertainment center, he added.
The company’s real estate arm, Petrowaco, is working on procedures and land acquisition in preparation for construction which will start before September.
Tran Ngoc Binh, Petrowaco’s deputy director general, said the complex would be completed by March 2010, in time for the 1000th anniversary of Hanoi.
Hanoi recently approved two other deluxe hotels, each at a cost of 500mio US$ – the Japanese Riviera Corporation and CSK Finance Company consortium’s 500mio US$ five-star hotel in the outlying Tu Liem District, and Korean Keangnam’s five-star hotel near the National Convention Center.
Source: Thanh Nien Mekong Capital Equity Vinacapital fund
The complex will be built on a 3.7 hectare site in Tu Liem district’s Me Tri Culture and Sports Park.
PetroVietnam’s director general, Tran Ngoc Canh, said it would contain at least 350 hotel rooms besides a number of luxury apartments and offices.
An 88-storey office building, Vietnam’s tallest structure, would be built along with an imposing commercial and entertainment center, he added.
The company’s real estate arm, Petrowaco, is working on procedures and land acquisition in preparation for construction which will start before September.
Tran Ngoc Binh, Petrowaco’s deputy director general, said the complex would be completed by March 2010, in time for the 1000th anniversary of Hanoi.
Hanoi recently approved two other deluxe hotels, each at a cost of 500mio US$ – the Japanese Riviera Corporation and CSK Finance Company consortium’s 500mio US$ five-star hotel in the outlying Tu Liem District, and Korean Keangnam’s five-star hotel near the National Convention Center.
Source: Thanh Nien Mekong Capital Equity Vinacapital fund
Saturday, March 24, 2007
Indochina Capital to build recreational projects
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
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 $500 million, listed with the ticker symbol ICV on the London Stock Exchange earlier this month.
Indochina Capital Vietnam Holdings, which is structured as a closed-end investment company, isn’t just investing in equities listed on the Ho Chi Minh stock exchange and over-the-counter stocks.
It will also look at private equity and potentially some derivatives and debt securities. And it can also invest in non-Vietnamese companies which have a material portion of their business or assets in Vietnam.
Source: Thanh Nien
Tuesday, March 20, 2007
VinaCapital buys Omni Saigon Hotel
The London-listed VinaCapital has bought a 70% stake in Ho Chi Minh City’s Omni Saigon Hotel for 22mio US$ as part of its strategy to invest in the country’s property market.
VinaCapital said on its website that its two London-listed funds, VinaLand and the Vietnam Opportunity Fund (VOF), had picked up respectively 52.5% and 17.5% of the shares.
The remaining stakes are owned by local company Vietnam YouthCo but it is not known who sold the 70% stake to VinaCapital.
At a recent news briefing in HCMC, VinaCapital’s director, Don Lam, said VinaLand had invested in the parent company of Omni Saigon but refused to provide further details.
In August last year, the two funds paid a combined 43mio US$ to acquire a 70% stake in the Hilton Opera Hanoi, which is among the most profitable hotels in the capital.
VinaCapital also holds a 29% stake in the century-old Sofitel Metropole Hanoi, another top hotel in the Vietnamese capital.
Established in 2003, VinaCapital now manages three funds with a total corpus of nearly 1 billion US$: the $600 million, London-listed VOF; 205mio US$ Vinaland; and 50mio US$ DFJ VinaCapital L.P. which invests in information and communication technology firms.
Source: Thanh Nien
VinaCapital said on its website that its two London-listed funds, VinaLand and the Vietnam Opportunity Fund (VOF), had picked up respectively 52.5% and 17.5% of the shares.
The remaining stakes are owned by local company Vietnam YouthCo but it is not known who sold the 70% stake to VinaCapital.
At a recent news briefing in HCMC, VinaCapital’s director, Don Lam, said VinaLand had invested in the parent company of Omni Saigon but refused to provide further details.
In August last year, the two funds paid a combined 43mio US$ to acquire a 70% stake in the Hilton Opera Hanoi, which is among the most profitable hotels in the capital.
VinaCapital also holds a 29% stake in the century-old Sofitel Metropole Hanoi, another top hotel in the Vietnamese capital.
Established in 2003, VinaCapital now manages three funds with a total corpus of nearly 1 billion US$: the $600 million, London-listed VOF; 205mio US$ Vinaland; and 50mio US$ DFJ VinaCapital L.P. which invests in information and communication technology firms.
Source: Thanh Nien
Indochina Capital invests in tourism complex
London-listed Indochina Capital will join forces with a local partner to invest in upgrading a wharf and building a commercial-tourism complex in Da Nang City.
Following the provincial authorities’ approval, Indochina Land Holdings (ILH), an affiliate of Indochina Capital, is to set up a joint venture for the investment project.
Further information on the project was not given.
As proposed, the newly-upgraded yacht wharf will provide international-standard seawater sport and rescue activities in case of emergency.
And the commercial-tourism 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.
Indochina Capital, listed with the ticker symbol ICV on the London Stock Exchange earlier this month, have investments in the country and region valued at over 1 billion US$.
In related news, the first modern commercial area in Da Nang city, the Riverside Mall invested by ILH is set to open in November.
The 6,600 sq.m mall is home to garment, cosmetics, footwear, home appliances and food retailers.
The mall is located on the first three floors of the multi-purpose project Indochina Riverside Towers.
An international real estate consultancy service firm, CBRE, the sole marketing agent for the project, said that 50% of the mall had already been booked by clients and the rate would go up to at least 80% by opening time.
Source: Thanh Nien
Following the provincial authorities’ approval, Indochina Land Holdings (ILH), an affiliate of Indochina Capital, is to set up a joint venture for the investment project.
Further information on the project was not given.
As proposed, the newly-upgraded yacht wharf will provide international-standard seawater sport and rescue activities in case of emergency.
And the commercial-tourism complex will comprise of villas and high-end apartments along side Son Tra – Dien Ngoc beach for rent or sale, along with shopping malls and other facilities.
Indochina Capital, listed with the ticker symbol ICV on the London Stock Exchange earlier this month, have investments in the country and region valued at over 1 billion US$.
In related news, the first modern commercial area in Da Nang city, the Riverside Mall invested by ILH is set to open in November.
The 6,600 sq.m mall is home to garment, cosmetics, footwear, home appliances and food retailers.
The mall is located on the first three floors of the multi-purpose project Indochina Riverside Towers.
An international real estate consultancy service firm, CBRE, the sole marketing agent for the project, said that 50% of the mall had already been booked by clients and the rate would go up to at least 80% by opening time.
Source: Thanh Nien
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