Danang City’s government has officially handed over the mammoth Van Village resort and entertainment complex project to Vinpearl Corp., which will invest some US$5 billion to develop 1,065 hectares of land and 500 hectares of water surface.
Dang Thanh Thuy, general director of Vinpearl Corp., said this is the biggest project ever for his firm and will be implemented after the land is handed over.
The first phase of the project worth some US$1 billion will be kicked off early in 2012, including site clearance, a luxury hotel and resort complex, condos, villas, commercial center, theater, cable car, underwater entertainment area and gambling zone for foreigners.
This phase is planned to be completed in 2015 and the entire project in 2020.
Thuy said Vinpearl sees Danang City as a strategic area. As an experienced tourism project developer, Vinpearl is capable of doing well this project, he stressed.
The Van Village resort and entertainment complex is located in Lien Chieu District, Danang City. It is a beautiful peninsula next to Hai Van Pass.
Years ago, the U.S.-based Oaktree Group planned to invest in a tourism project in the city but failed to realize the project. The group commented Van Village is an ideal and potential location to develop international-standard tourism services for local and foreign tourists.
Van Huu Chien, chairman of Danang City’s government, said the city will support Vinpearl in site clearance to timely hand over the land to the investor next June.
Vinpearl is known for several tourism and property projects in the country, notably the Vinpearl Resort Nha Trang and Vinpearl Luxury Nha Trang in Khanh Hoa Province, the Vinpearl Luxury Danang in Danang and the shopping center Vincom in HCMC.