High-end villas part of the plan
The Vietnamese real estate development firm Cotec Construction Joint Stock Co., familiarly known as Coteccons, has inked a deal to develop a series of new residential towers on the 162-hectare (400-acre) Ho Tram Strip site owned by the Ho Tram Project Company, which operates the Ho Tram Strip casino resort. The Ho Tram Project Company is a unit of Asian Coast Development Ltd. of Canada.
Nguyen Ba Duong, chairman of Coteccons, said the deal represents “an exciting new phase of a relationship that commenced more than seven years ago, and takes us from client and contractor to partner and partner.”
The parties signed a memorandum of understanding during the Ho Tram Open golf tournament at the Bluffs, a Greg Norman golf course that opened in October 2014, reported GGRAsia. The proposed residential development will include multiple towers housing between 700 and 900 condominiums, some of which may be available on a time-share basis, as well as an unspecified number of luxury villas.
The beachside resort is 120 kilometers (75 miles) from Ho Chi Minh City, capital of the republic of Vietnam. The foreigners-only casino and the existing Grand Hotel first opened in 2013. The accommodations will be marketed to local and overseas investors, said a news release from the companies.
According to GGRAsia, in early November Harbinger Capital Partners LLC, the main investor in the Ho Tram Strip, disclosed it had invested US$50 million in capital in the development over the past 14 months, half of a total capital injection of US$100 million. Harbinger was founded by U.S.-based investor Philip Falcone.
