Exploding Billion USD Resort Projects

29/03/2022

Real estate giants are rushing to announce resort projects of hundreds to tens of thousands of hectares, even billions of dollars.

In less than the first 3 months of the year, the coastal and highland provinces continuously appeared with a dense list of announced resort projects, investment proposals, funding for planning on a huge scale.

Binh Dinh, Binh Thuan, and Quang Ninh are all booming with billion-dollar coastal resort projects. At the beginning of March, the Hai Giang Merry Land (Binh Dinh) tourist area project, developed by Hung Thinh, has just announced phase 1 with an area of ​​more than 623.71 hectares, with a total investment of up to 47,000 billion VND (more than 2 billion USD). ). This is a project aimed at developing sea tourism including resort hotels, tourist apartments, resorts with many types of high-class entertainment.

In mid-March, Nova Group announced the NovaWorld resort – tourism – entertainment complex located in Tien Thanh Ward, Phan Thiet city, Binh Thuan. The project has a scale of 1,000 hectares, a total investment of 5 billion USD, with hundreds of international standard utilities. This group is ambitious to develop the project into a health care tourism destination for domestic and international tourists.

At the end of February, Bamboo Capital Joint Stock Company had a report proposing the location, boundaries, and area of ​​the study site for detailed planning at the scale of 1/500 of the urban complex, a tourism resort The Coral in Quang Yen town, Quang Ninh province. This is a coastal urban complex combined with a tourist resort of 546 hectares, with a total investment of nearly 23 trillion VND (nearly one billion USD).

Not only appear super terrible resort projects in the coastal area, real estate giants also rush to the plateau. On March 17, La Vong Group announced that it wanted to do a project of 1,865 hectares in Lam Dong. The proposed project is called the Swiss Village Amusement Complex with a scale of 1,865 hectares in the Da Khai lake area (Da Nhim Thuong), Lac Duong district. Currently, La Vong Group and Hoang Mai Urban Development Investment Joint Stock Company are allowed by the locality to conduct surveys, research, and finance the planning and investment registration of this project.

On March 16, the joint venture between Vietnam Finance Investment Group Joint Stock Company (VFI Group), New House Trading Joint Stock Company, and Israel Investment Group Joint Stock Company submitted to the People’s Committee of Lam Dong province their wish. 18,000 ha project planning. The project is implemented in the area of ​​Dong Nai 2 hydropower reservoir, Di Linh district (about 12,500 ha), and Lam Ha district (about 5,500 ha).

In Bao Loc City, a member of Sam Holdings, Sacom Tuyen Lam Joint Stock Company proposed to finance the planning of an urban, tourism, and service area of ​​about 1,034.5 hectares, and at the same time proposed to invest in a project on the area. soil. In Di Linh district, Vietnam Times Garden Company proposed to survey, research, and finance the formulation of planning projects in Hoa Trung, Lien Dam, and Bao Thuan communes with a scale of 4,000 ha, of which 3,500 ha is an urban area and eco-tourism resort.

Phối cảnh dự án khu du lịch Hải Giang Merry Land tại Bình Định có tổng vốn đầu tư giai đoạn đầu tiên 47.000 tỷ đồng. Ảnh: Hưng Thịnh
The perspective of the Hai Giang Merry Land tourist area project in Binh Dinh with a total investment capital of the first phase of 47,000 billion VND.

Last February, Novaland proposed Lam Dong province approves of the policy of surveying, researching, and setting up an investment project for the Dak Long Thuong lake project in the Bao Lam district, with a research scale of about 30,000 hectares with investment objectives. the complex urban area including houses, tourist villas, commercial centers, schools, green parks…

In addition, Novaland and its partner Dat Tam, also targeting Dak Nong province, also announced that they are working with the locality to come up with ideas for planning a 23,500-hectare tourist area project in Dak Glong district and Ta Dung National Park.

The deputy general director of a real estate company based in the East area of ​​Ho Chi Minh City said that the super coastal resort projects have gradually been shaped and prepared to be offered to the market with a popular expected price of half a million. up to a million USD, even luxury product lines cost several million USD. Meanwhile, most of the megaprojects in the Central Highlands are at the stage of survey and pre-feasibility planning.

Pursuing these mega-projects brings many advantages to enterprises such as increasing the estimated book value of assets; increasing opportunities to raise capital and bonds from strategic partners and investors; position and brand. However, if localities do not carefully assess the feasibility of mega-projects, leading to a situation where businesses collect land and apply for projects but do not perform a “long soak”, it may delay growth opportunities. region’s economy because of the hanging planning.

He forecast that the projects that have been formed or are still on paper, the ambition to develop a series of super large-scale resort projects of many real estate giants have caused local housing prices to fluctuate for many months. and may establish a new price level in the near future.

Answering VnExpress, Mr. Nguyen Loc Hanh, General Director of Ngoc Asia Company, that the coastal provinces and the Central Highlands are experiencing a wave of mega-resort projects announced, surveyed and planned on the largest scale before to now. This is the effect of “hundreds of flowers in bloom”, welcoming the opportunity to recover from the new normal phase of the tourism and resort market, which has been gripped by the Covid-19 pandemic for the past 2 years.

According to Mr. Hanh, after covering a high rate of vaccines, the following strains are not too dangerous, and considering Covid as the common flu because there are vaccines and special drugs, many people expect a return to tourism. global calendar. Especially after more than 2 years and maybe by the end of 2022, we can return to normal global travel. Therefore, resort and tourism real estate businesses are massively applying for projects or applying for surveys, planning, even official announcements, and strong sales launches.

CEO Ngoc Asia analyzed when super mega-resort projects are launched, it means that the market begins to appear more million-dollar resort product lines in beautiful beaches or some regions. new plateau… In the coming time, the selling price of resort real estate may increase according to this investment wave.

The explosion of super mega-resort projects is considered to be in the forecasted scenario because Vietnam has advantages in climate, warm sea, beautiful beaches, and the Central Highlands has many ecological zones and forests. , the reserve is still unspoiled, attracting the attention of domestic and international tourists. However, according to Mr. Hanh, whether this tourism potential can be exploited effectively or not depends greatly on how the tourism industry develops in each locality and whether the planning of resort real estate projects is reasonable or not. are not.

If mega-resort projects reach the finish line, developing projects alongside nature conservation can promote local development, create attraction for the tourism industry, and help resonate for economic development. However, the negative side of the race to massively survey and announce mega-scale resort projects will be huge if these projects stand still or become suspended planning.

Mr. Hanh further analyzed that, for investors, the challenge when implementing super resort projects lies in the aspect of constantly changing consumer needs and tastes. For example, in a tourist apartment or beach villa in a resort operating for about 3-5 years, the interior equipment will start to get old and degraded, needing to be renewed to continue to create attractiveness. with consumers.

On the other hand, Vietnam is booming with resort projects, every year a few new resorts appear and the trend of tourists is to find new places to experience. Wave after wave before wave, old resort projects if not reinvested in time or poor service will be very difficult to compete. Typically, Mui Ne is known as the resort capital, but after 10 years, 90% of the resorts here have been seriously degraded. This is also a weakness in terms of exploitation and competition.

Some market reactions if the supply of resort real estate increases is that rents may decrease due to competition with a series of competitors in the same segment. In addition, a number of tourist capitals of Vietnam that once went downhill had to choose between high rental rates, luxury services but low capacity with affordable rents, mass services lost the number of luxury guests. For example, resorts that have chosen to attract Chinese tourists with 0-dong tours often lose European and Korean visitors.

Currently, most resort real estate projects (from affordable to high-end, luxury) offered for sale on the market are “fishing” for customers by traditional methods of committing profits or sharing profits. However, not all investors can fully fulfill their commitments and there have been cases of broken commitments. This shows that the resort real estate market in Vietnam has great potential, but it is not easy to implement.

“Resort real estate projects that want to develop sustainably require the strong potential of the business as an investor, the business strategy must be methodical and specific in the long term but flexible in the short and medium-term to adapt to the changes of the times,” said Mr. Hanh.

Source: VnExpress

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