What began in early 2007 as a request to invest ?2 billion on Vietnam’s Phu Quoc island has grown into a ?6 billion project.
Pearl of Asia Development Corp., an entity of Switzerland’s Trustee Suisse, will construct a 3,200- hectare complex on the resort island. The village-like Pearl of Asia will feature a casino area, luxury hotels and villas, a marina with mega-yacht capacity, and the now-usual cultural and retail amenities.
The report received confirmation from a provincial official, the director of Kien Giang Province’s Department of Culture, Sport and Tourism, Le Minh Hoang, according to the Daily. The official said the plan has won approval in principle.
As of 2007, Switzerland was the fifth-largest European investor in Vietnam, according to Vietnam News Agency.
Meanwhile, U.S.-based Oaktree Capital Management has presented its plan for a 500-hectare, $5-billion resort in Danang, the Vietnam News Agency reports.
The plan features a casino open to foreign tourists, hotels, a golf course, sports complex, spa, villas, helicopter landing pad and cable cars.
An additional 1,500 hectares have been okayed for expansion of the original concept.
“The project will mainly attract travelers from Europe, North America and Southeast Asia and the authority continues to call for other potential investors interested in taking part in the project,” said Le Canh Duong, deputy director of the Danang Investment Promotion Center.
Chairman of the Danang People’s Council, Nguyen Ba Thanh, granted the developer permission to go forward with the project.