Vietnam: Nakheel resumes Quang Ninh project

Vietnam: Nakheel resumes Quang Ninh project

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Similar reported a year earlier here. Development then credited to Limitless.

United Arab Emirates-based developer Nakheel is set to resume construction of an urban and tourism complex in a UNESCO World Heritage Site in Quanh Ninh province, northern Vietnam.

Nakheel executives are flying to north Vietnam next month to discuss financing of the USD550 million project, which experienced financial hurdles in recent years, according to Vietnam News Brief Service.

Dubai state-owned Limitless is in negotiations to continue financing the property, the Gulf News reported, whilst Sovico Holdings, a private Vietnamese-run firm, recently signed a contract to execute the project.

Halong Star, located two hours away from Hanoi, is being developed via a joint venture by Limitless, Viet-My Ha Long Joint Stock Company and International Property Investment Partners LLC.

Designed by Honolulu-based FSC Architects, the 125-hectare integrated resort project was started in 2007 and will feature a 250-room five-star hotel, 226 villas, 85 upscale residences, 114 apartments and a retail centre.

Property Report

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