Last year, Winvest LLC obtained a license from Ba Ria – Vung Tau Province government to build the US$300 million five-star Saigon Atlantic tourism complex at Cua Lap, about 6 km east of Vung Tau city.

The project includes a five-star hotel, villas, recreational facilities, shopping centers, restaurants and an entertainment park.

The project is to be built in three phases over five years.

The first phase will start with the construction of the $150mil Saigon Atlantis Hotel.

The second phase will follow with work on building restaurants, a golf course, around 75 villas, gardens, a helicopter landing pad and a bank.

Swimming pools, a water park, a boat-racing zone, a theater, a trade center, duty-free shopping and an exhibition space will come in the last phase.

The US group is the project’s sole investor. The current project license will last 50 years, however the company plans to ask for a 30-year extension.

Winvest has already submitted another $300 mil tourism proposal to Lam Dong Province authorities in the Central Highlands.

In the first two months of this year, Ba Ria-Vung Tau province has already licensed four foreign direct investment (FDI) projects worth $272 million in total, a 45.3 percent increase in value over the same period of last year.

The province is also promoting six other investment projects worth a total of $945 million.

The Boston-based Winvest owns and operates The Super 88 Market, the leading Asian supermarket chain in New England, Chau Chou City Restaurant, Evergreen Import & Export, and a real estate development group.

Source: Tuoi Tre, Thanh Nien – Compiled by Dong Ha