Khang Thong, US firms ink deal for billion-dollar property development

VNRE - Vietnam’s Khang Thong Group has signed separate deals with Hill International and Steelman Partners LLP, both American, to carry out its US$600 million Happyland Theme Park in southern Vietnam.

A 40-month contract has an estimated value to Hill International of approximately US$16.9 million, the Marlton-based project management firm announced.

The announcement was dated Dec 27, which is Dec 28 in Vietnam.

Hill said it has received the contract to provide project management services from the group’s Phu An Investment Construction and Infrastructure Development JSC, in connection with the Happyland Theme Park and Khang Thong Entertainment City in Vietnam.

Khang Thong chairwoman and CEO Phan Thi Phuong Thao signed the contract with Hill International Senior Vice President Abdo Kardous at the Vietnamese group’s headquarters in Ho Chi Minh City on Dec. 16.

The project, called Happyland Vietnam, would require around US$2 billion, with $600 million going to the theme park similar to Disneyland and Universal Studio. It is projected to open in Long An Province in 2014.

The park is planned to be Southeast Asia's greatest tourist attraction, serving the recreational and entertainment needs of both domestic residents and foreign tourists.

It will be developed on a prime riverside location along the Vam Co Dong River in Thanh Duc Commune, Ben Luc District, just one-hour drive from Ho Chi Minh City.

The project would have a land area of around 340 hectares for phase one and around 350 hectares for phase two.

“This is the most ambitious project that we've managed in the region,” Raouf S. Ghali, President of Hill's Project Management Group (International), said in the announcement.

“We are extremely excited to be part of such a hallmark project for Vietnam,” he added.

Happyland Vietnam would include a commercial section providing some 160,000 square meters of space, a five-star hotel with 1,000 rooms and a section for residential development with villas and shop houses, among other facilities.

Khang Thong expects that Happyland could receive around 14 million visitors a year and generate jobs for about 10,000 people in the province.

Hill International says it has 2,600 employees in 90 offices worldwide, provides program management, project management, construction management and construction claims and consulting services.

Also on Dec. 16, the Khang Thong chairwoman and CEO signed a memorandum of understanding with Steelman Partners CEO, Mr. Paul Steelman for the Nevada-based architectural firm to design the five-star hotel.

The international corporation is the main designer with the Happyland Vietnam project.

Reported by Tuong Thuy | SGGP