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Long-stalled New City project begins construction
Quoc Hung
Monday,  Jun 29, 2015,19:33 (GMT+7)

Long-stalled New City project begins construction

Quoc Hung

By Quoc Hung - The Saigon Times Daily

HCMC – New City Vietnam Co. Ltd. last Saturday broke ground for a US$1 billion luxury resort project in the central coast province of Phu Yen though it was licensed in 2008.

The wholly foreign-invested project will develop a resort and a hotel on 357 hectares in Tuy An District’s An Chan and An My communes and Tuy Hoa City’s An Phu. Other facilities will include an international yacht port plus high-end beach services, and an international tourism services area called Sunrise Phu Yen on Hon Chua Island.

Phu Yen leaders said the project could become a new tourism landmark in the province, generate extra tax revenue for the province and more jobs for local people, and fuel economic growth in the province.

When the provincial government licensed the project in 2008, developer Brunei’s New City Properties Development Co. Ltd. planned to spend US$4.3 billion developing the resort on 565 hectares, which encompasses major places of interest such as Hon Chua, Hon Dua and Hon Than islands and Bai Xep beach.

But in September last year the investor proposed scaling down the project and its investment cost, and seeking new funding sources and the province approved adjustments to its investment certificate, which include reducing the project site from 565 hectares to 357 hectares and the capital from US$4.3 billion to US$1 billion.

 

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