$200 mln deal to develop resort complex on Tuan Chau Island

By Khanh Anh   June 3, 2019 | 07:05 pm PT
$200 mln deal to develop resort complex on Tuan Chau Island
An amusement park built by Tuan Chau Group on Tuan Chau Island. Photo courtesy of Tuan Chau Group.
Construction company Coteccons and real estate developer Tuan Chau Group will build a multimillion-dollar resort complex on Tuan Chau Island.

They signed a strategic partnership Monday to also jointly develop other real estate projects in Quang Ninh, Hanoi, Quang Nam, Vung Tau, and Ho Chi Minh City.

First off the blocks will be a complex of hotels, villas, resorts, and amusement areas on Tuan Chau, an island to the northwest of the famed Halong Bay, a UNESCO natural heritage site.

It will be built on an area of 4.8 ha with three sides overlooking the sea. The companies expect the project to cost VND4.5-5 trillion ($194-215 million) but did not announce the start date for the project.

Tuan Chau Group, formerly Au Lac Quang Ninh, is known for building a 2 km road connecting Tuan Chau Island with the mainland. It has interests in real estate, investment, banking, securities, tourism, hotels, yachts, and entertainment.

Coteccons Construction JSC is a leading construction firm with experience in designing and executing large projects. It also has interests in investment, aluminum, glass, interiors, and other commercial operations.

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