Financial Business Solution Joint Stock Co. (FBS) under GAMI Group May 22 started work on the luxury Thuy Tu Tourism-Urban Complex worth US$2.4 billion, in Lien Chieu District of central Danang city.
The 409 ha complex is considered the largest township project in Danang, Nguyen Tien Dung, chairman of FBS said, revealing that construction will be in three stages and will take more than a decade.
It will include entertainment and sport areas, a commercial center with 30-45 story buildings, and a residential area with 11-17 story tenements and luxury villas. The developer will also build supermarkets, shopping centers, international schools, hospitals and other public facilities there, Dung said.
In the first phase finishing 2008, FBS will spend US$307 million on site clearance, preparing a zoning master plan and the project design.
However, the subsidiary of GAMI Group, established by Vietnamese nationals in Russia in 1992, will likely not develop or manage the whole project on its own, Dung said.
“We plan to invite international partners from Singapore, Hong Kong, the US, and China to take part in designing, supervising and managing the projects,” Dung added.
Thuy Tu Tourism-Urban Complex, 10km from downtown Danang, is part of the plan to expand the city west and northwest, Van Huu Chien, vice chairman of Danang City said, adding that as the project suits the city’s long term development strategy, the city will throw its full backing behind it so the project can be translated into reality as soon as possible.
GAMI Group started operation in Vietnam in 1995, and has been expanding its business scope in the country to include financial investment, trading and real estate development.
Danang is now a tourism hub in central Vietnam, with more than 2,580 hotel rooms.
The local hospitality industry aims to accommodate two million tourists, earning revenues upwards of VND1.5 trillion (US$96.1 million) annually. (Vietnam & World Economy, Liberated Saigon)
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