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Starbay ready to launch mega Phu Quoc tourism venture

posted Jun 5, 2012, 7:10 PM by Dong Travel   [ updated Jun 5, 2012, 7:10 PM by Mickey Dong Hoang Thinh ]
Starbay Holdings is ready to nail down construction of its US$1.6 billion Phu Quoc Island project this year.

The 520 hectare project, licensed in 2008, is one of Vietnam’s largest resort developments with nine hotels, a golf course, numerous residential villas and condominiums, spas, shopping, food and beverage, sporting and entertainment facilities facing onto pristine beach front land.

Its major shareholder Hongkong-based Millennium Group chief executive Martin Kaye, in an email sent to Vietnam Investment Review (VIR) last week, said shareholders had provided the funds to complete outstanding planning and resettlement, as well as phase one’s construction.

“We are certainly not holding up matters. Indeed none of the 15 neighbouring projects in the Cua Can to Ganh Dau area in Phu Quoc have commenced construction as of today. Of these projects, some are ahead and others behind us in securing the necessary statutory approvals. As we are far larger than most others – it surely takes more time to get all approvals,” said Kaye.

However, he said Starbay Holdings would not deploy some funds until shareholders had clarity on all outstanding matters, with only two key outstanding negotiations to be completed.

“These are quite complicated and critical involving new zoning issues and land pricing, both needing to comply with the Investment Law and will require alterations to documents receiving approval some time ago.

“We believe all outstanding negotiations can and should be resolved imminently and we are optimistic and determined that we keep to our timeline and can break ground on our phase one by the year’s end,” said Kaye.

The first phase is likely to take three years and the project will target Vietnamese and international tourists.

“Whilst we await these responses, we are also carefully monitoring the other key factors to ensure a successful project. We are encouraged by the recent progress on road development on the island and also the announcements regarding power, water and sewage contracts and we look forward to seeing the projected timelines, completion dates,” said Kaye.

Kaye said, “Starbay shareholders consist of investors from Canada, the UK, Hong Kong and Germany and we have spent 4 years carefully planning and attaining all the necessary approvals and we will spend another 15 years building our large project. We are all long term investors and have from the very early days committed to the success of Phu Quoc island. Our objective is to ensure good investment returns which shall ensure we continue to invest in Phu Quoc, making it a truly regional resort destination competing with Phuket, Bali and Hainan.”

“We are confident we can complete all the outstanding issues in a timely fashion to match the completion of these infrastructure components for our site, and also the island, and indeed launch our first phase in good time,” he added.

Source: VOV