Sun Group, a leading Vietnamese conglomerate, continues to expand its real estate portfolio with a bid for a major project in Binh Thuan province. The consortium of Sun Group subsidiaries, including Phu Quoc Beautiful Beach Investment Limited Liability Company and Ha Long Sun Limited Liability Company, is the sole bidder for the development of the Ham Tien-Mui Ne New Commercial and Service Urban Area project (Zone III) in Phan Thiet town, Binh Thuan.
The project, covering 218.87 hectares in Phu Hai ward, Ham Tien ward, and Thien Nghiep commune of Phan Thiet town, is set to transform the area into a vibrant residential and commercial hub. With 80.2 hectares allocated for housing, including social and commercial housing, the development aims to accommodate 125,000 residents. Additionally, 40 hectares will be dedicated to commercial services and public works, enhancing the overall livability of the urban area.
The total investment for the project amounts to VND11,071 billion ($441 million), excluding an estimated VND1,006 billion ($40 million) for land compensation and resettlement. The developer will have a 10-year timeline to implement the project from the date of issuance of the decision approving the results of investor selection. Furthermore, the developer is required to contribute at least 15% of the total investment, equivalent to VND1,811 billion ($72.1 million).
Phu Quoc Beautiful Beach Investment, known for its Bai Sao complex in Phu Quoc island, and Ha Long Sun, recognized for the Sunworld Ha Long entertainment-tourism complex, are key players in the consortium bidding for the project. These companies, under the umbrella of Sun Group, have a proven track record of successful real estate developments in Vietnam, including a recent collaboration on a VND72.29 trillion ($2.8 billion) urban area project in Dong Nai province.
Binh Thuan province, renowned for its Mui Ne white sand dunes, has become a sought-after destination in Vietnam’s south-central region. The province has granted in-principle approval for 56 coastal tourism projects between 2011 and 2023, highlighting its potential for growth and development in the hospitality sector. With the influx of investment and development projects, Binh Thuan is poised to further establish itself as a premier tourist hotspot in Vietnam.
In conclusion, the bid by Sun Group subsidiaries for the Ham Tien-Mui Ne New Commercial and Service Urban Area project in Binh Thuan province signifies a significant step towards the transformation and development of the region. With a focus on creating a sustainable and vibrant urban environment, the project is set to enhance the overall quality of life for residents and visitors alike. As Sun Group continues to expand its presence in the real estate sector, the future looks promising for Binh Thuan and the broader south-central region of Vietnam.