Could Ho Tram be part of locals trial?
The Ho Tram Project Co. has begun development of Phase V of its Grand Ho Tram resort in Vietnam.
The Kahuna Ho Tram Condotel and Villa Development should be “fully operational in early 2019,” Executive Chairman Michael Kelly said in a statement. “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 Ho Tram Strip.”
Kahuna includes 164 condotel units, 36 villas and eight beachfront villas. It adjoins the existing 541-room Grand Hotel. Other features of the resort include the Bluffs, an 18-hole golf course designed by golfer Greg Norman. The new phase was designed by the Ho Chi Minh City office of Korn Architects, reported the Vietnam Investment Review.
According to the company, investors who buy a 10-year condo share at the Kahuna will get 21 nights at the resort per year, a guaranteed 8 percent return on the net sale price for the first two years, and “a lessee-favored 60/40 split of the net rental revenue for the remaining eight years of the term.”
Kahuna residences range from VND 2 billion (US$88,800) for a one-bedroom unit to VND 9 billion (US$396,900) for a penthouse. Villas range from VND 7.9 billion to VND 20.5 billion (US$904,000).
By law, the Grand’s casino is reserved for foreigners only. But Ho Tram hopes to be part of a three-year pilot project that allows locals to gamble in select Vietnamese casinos. The Grand Ho Tram Project Co. is a fully owned unit of Asian Coast Development.
