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Phu Quy buy-to-let resort launched
Update: Sunday, November 13, 2005
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The An Vien Group has launched the first buy-to-let resort complex in Nha Trang as the company is expanding its portfolio across the country from its five-star Sofitel VinPearl Resort & Spa, and the Vincom City Towers.

The company announced last week that it would invest $20 million in infrastructure construction of the 71-hectare Phu Quy resort and was calling for additional investors to buy land parcels to build luxury villas and hotels.
The development is designed to be the biggest complex in Nha Trang, featuring small, medium and top-notch villas ranging from 300 to 10,000 square metres (sqm) in addition to a five-star resort and residential properties of two to five bedrooms looking over the bay.

Comprising of a harmonious blend of residential, commercial and luxury hotel uses in a resort environment, the Phu Quy's 2.2 kilometre waterfront will also be home to Vietnam's first luxury private yacht club.

Construction of hotels and villas are expected to begin by the end of this year.

An Vien representative Pham Nhat Vu said the company wanted to create an international standard quality community in Nha Trang, which is recognised as one of the world's 29 most beautiful bays.

?The project is for those who are seeking a new lifestyle and new investment opportunities,? said Vu.

Phu Quy is the first resort development in Nha Trang adopting the buy-to-let scheme, an approach that is taking roots and becoming more popular in Vietnam.
Accordingly, additional investors can purchase land parcels to build properties for residence or they can co-operate with leading international hotel management companies to lease properties to tourists.

Individual land parcels of 300 square metres and up are available for owners to design and build their dream houses. For corporate investors, larger land plots of one hectare and up are perfect for low-rise apartment development, that in turn, may be sold to individual buyers.

Paul Mason, managing director of E-Homes real estate consultants, said with the concept of waterfront living proving immensely popular in other Southeast Asian destinations like Phuket and Bali, or internationally such as the French Riviera and Australia's Gold Coast, Phu Quy provides Vietnam's dream style.

?Phu Quy is the perfect destination and I believe the perfect investment on Vietnam's coast,? said Mason who has 12 years? experience in Vietnamese real estate market.

He said, with buyers moving away from the Hanoi and Ho Chi Minh City markets because of high property prices, land in central Vietnam is being bought up.
?It is possible to secure land now at pre-boom prices. It is an opportunity not to be missed,? said Mason.

Phu Quy is just a five-minute drive from Nha Trang centre and it is the only largest land parcel available for investment in the resort city that attracts hundreds of thousands of visitors annually.

?Unlike many other resort development projects in Vietnam, land use rights for Phu Quy property owners can be held in perpetuity,? said Mason.
Khanh Hoa provincial People's Committee vice chairman Le Xuan Than said local authorities would create favourable conditions for investors in Phu Quy as well as other projects in the province.

A cable system will be built to connect the Phu Quy with Hon Tre island where An Vien has already built the Sofitel VinPearl Resort & Spa with a total of 500-rooms, the biggest seaside resort in Vietnam to date. It has an average room occupying rate of 58%. An Vien is also the main investor of Hanoi?s US $40-million Vincom City Towers, a shopping mall and office complex that has let 98% of its 67,000 square metres.

 

(Source: VIR)

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