Dubai firm revives $220m Vietnam project
Dubai-based property developer Limitless, a company wholly owned by the Dubai government, on May 6 signed a new joint venture agreement for the construction of its delayed Halong Star project, a mixed-use residential and tourism development in the northern tourism hub and UNESCO World Heritage site of Halong Bay in Vietnam. The developer has partnered with Hanoi-based Sovico Holdings to develop the $220 million project, after ending a similar joint venture with Vietnamese firms Phuong Hung and International Property Investment Partners.
Limitless broke ground for the project already in 2007, but struggled to complete the necessary formalities in order for the project to get underway. The 2008/2009 property crisis in Dubai was another drawback.
The project, which spreads across 125 hectares of land, is to have a 250-room five-star hotel, a 100-room luxury boutique hotel, 36 high-end serviced villas, 190 top-end villas, 85 luxury townhouses, 114 apartments, retail and commercial space, cultural arts village and commercial hospitality school, Limitless said.
New partner Sovico Holdings’ business interests include finance, real estate and air transport.
[caption id="attachment_8969" align="alignleft" width="300"] Masterplan for the Halong Star project[/caption] Dubai-based property developer Limitless, a company wholly owned by the Dubai government, on May 6 signed a new joint venture agreement for the construction of its delayed Halong Star project, a mixed-use residential and tourism development in the northern tourism hub and UNESCO World Heritage site of Halong Bay in Vietnam. The developer has partnered with Hanoi-based Sovico Holdings to develop the $220 million project, after ending a similar joint venture with Vietnamese firms Phuong Hung and International Property Investment Partners. Limitless broke ground for the project already in 2007,...
Dubai-based property developer Limitless, a company wholly owned by the Dubai government, on May 6 signed a new joint venture agreement for the construction of its delayed Halong Star project, a mixed-use residential and tourism development in the northern tourism hub and UNESCO World Heritage site of Halong Bay in Vietnam. The developer has partnered with Hanoi-based Sovico Holdings to develop the $220 million project, after ending a similar joint venture with Vietnamese firms Phuong Hung and International Property Investment Partners.
Limitless broke ground for the project already in 2007, but struggled to complete the necessary formalities in order for the project to get underway. The 2008/2009 property crisis in Dubai was another drawback.
The project, which spreads across 125 hectares of land, is to have a 250-room five-star hotel, a 100-room luxury boutique hotel, 36 high-end serviced villas, 190 top-end villas, 85 luxury townhouses, 114 apartments, retail and commercial space, cultural arts village and commercial hospitality school, Limitless said.
New partner Sovico Holdings’ business interests include finance, real estate and air transport.
