Ha Long Star, which sits on 125ha with a total investment of US$550 million, will build a five-star hotel, a luxury hotel, 226 villas, 85 houses, 114 apartments, and a trading centre.
The project got off the ground in 2007 by a joint venture between Limitless, an affiliate of Dubai World, Viet-My Ha Long Joint Stock Company and the International Property Investment Partners LLC, but was delayed due to financial crunch.
During a trip to the UAE last year, Pham Minh Chinh, Secretary of the Quang Ninh provincial Party Committee, and Ali Rashid Lootah, Chairman of Nakheel and Limitless, signed a memorandum of understanding, pledging to carry out the landmark property project.
In May 2013 Sovico Holdings, a private Vietnamese-run company, also signed a JV contract with the UAE partner to implement the project
Nguyen Van Doc, chairman of the provincial People’s Committee, visited Dubai last week to discuss the resumption of Ha Long Star with the UAE partner.
He also had a working session with representatives of the Investment Corporation of Dubai (ICD) and suggested the group invest in Quang Ninh’s Van Don economic zone with numerous incentive policies.