VNRE - Construction on a US$1 billion tourism and residential complex in the province of Thua Thien-Hue is scheduled to begin in March.
The Laguna eco-tourism complex proposed by the Singaporean-based Banyan Tree group will be developed on 300 ha in Loc Vinh Commune, Phu Loc District, some 60km to the south of Hue.
During a meeting with the provincial authority last week, Banyan Tree’s managing director, Steven Small, said facilities of the first phase, including the 120-room Banyan Tree Resort, the 320-room Angsana Resort and the 180-room Laguna Holiday Club, would be completed in late 2009.
The project’s second phase, including two 5-star 400-room hotels, an 18-hole golf course, and convention and shopping centres, will open in late 2010.
The third phase, including 40 villas and three hotels, one of them a 6-star hotel with 210 rooms, will be completed in late 2011.
Facilities of the fourth phase, including 470 villas, will be completed and put up for sale in 2014.
In all, when construction of the project’s four phases are completed in 2014, the complex will have seven hotels with a total of 2,000 rooms, 1,000 villas and apartments, a golf course and convention and shopping centres.
In March this year, the Thua Thien-Hue provincial authority granted a licence for the Banyan Tree group’s tourism complex on the same location, with initial investment of $267 million.
The group also received permission for capital expansion to $1 billion last week.