Pearl of Asia Development Corp, a subsidiary of the Trustee Suisse group, has unveiled a plan to build a US$9 billion super-luxury entertainment-business complex on southern Kien Giang province’s Phu Quoc, the biggest island of Vietnam, state media said.
Located on a pristine white-sand beach in Rach Tram Area on the north-western tip of the island, the Pearl of Asia complex will be developed in two stages on an area of approximately 3,200 hectares.
It will be home to first-class hotels, stately homes, sporting facilities, an “elite” casino for high-stakes gambling, a hall suitable for holding concerts, operas, ballet, musicals, and (music and film) awards, a world-class health center, beautiful parks and gardens and other entertainment facilities.
In the first stage of the project, 275 hectares would be developed at a cost of around EUR2 billion (US$3.19 billion). The rest of capital will be disbursed in the second phase.
The project has been approved by the Government’s Office and the provincial People’s Committee, a press release from Trustee Suisse said, adding that the Pearl of Asia will provide ultra-high net worth individuals, celebrities, and key decision makers an entirely new way of combining pleasure and business activities.
The Vinaconex Joint Stock Company is the Swiss firm’s local partner in the project.
Phu Quoc is an unspoiled tropical island in the Gulf of Thailand that is just a short flight away from almost all Southeast Asia Cities metropolises. About 70 per cent of the 567 square-kilometer island is blanketed by rain forests and crisscross rivers and streams.
Vietnam plans to develop the island into a tourist island that will attract between two and three million visitors per year by 2020. (Vietnam News)
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