Site clearance woes are keeping two mammoth
tourism property projects in Ba Ria-Vung Tau in mothballs.
A
source at Ba Ria-Vung Tau’s Department of Planning and Investment said
provincial authorities had yet to clear sites for the $4.1 billion Saigon
Atlantic project developed by Winvest Investment LLC and the $902 million
Skybridge Dragon Sea project developed by Skybridge Dragon Sea Limited.
The
projects have hit a brick wall as the province cannot afford all the site
clearance costs.
“We
tried our best, but the issue is proceeding at a very slow pace. We asked
investors to advance this cost and then get it back through tax and land rental
exemptions. However, this couldn’t be done overnight,” said the source,
declining to be named.
Winvest
Investment LLC, which obtained an investment certificate four years ago, has
just received 100 out of 300 hectares. Meanwhile, the local authorities and
Skybridge Dragon Sea Limited are still working on the plan for land clearance
for the 45ha Skybridge Dragon Sea project.
The
projects are among Vietnam’s largest tourism projects with Skybridge Dragon Sea
to include 15 high-rise towers, 2,500 rooms offered at five-star hotels,
serviced apartments, residential apartments and villas.
“We
understand [delays could raise investors’ costs], but there is no other way.
The costs are too large compared with provincial budget. Every province
nationwide faces this issue,” the source added.
While
these projects are at a standstill, Canada’s Asian Coast Development Limited
(ACDL) is pushing the construction of Ho Tram Strip project, about 60
kilometers from Vung Tau city.
ACDL
will open the country’s first Las Vegas-style integrated resort, MGM Grand Ho
Tram, in February 2013. It includes two hotels, a 13,600 square metre gaming
entertainment area, world-class conference facilities, a wide variety of
recreational activities and pool and beach facilities.
Ninh
Kieu | vir.com.vn |
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