BizLIVE - Singapore-based Tanzanite International has announced a plan to invest up to $500 million in a hospitality real estate project in southern Vietnam.
Singapore’s Tanzanite International Enters Vietnam Real Estate Market
A view of a hotel in the Ho Tram Strip resort. (Photo: Internet)
Tanzanite International will pour between $400 million and $500 million to develop a high-end hospitality real estate project in the southern province of Ba Ria – Vung Tau, which is 1.5 hour drive from Ho Chi Minh City, in the upcoming four to five years.
The first phase of the project will cost $80 million and is scheduled for kick-start in the second quarter of 2016.
The Singaporean firm now has in its hands 37 hectares of land stretched along the beach in the Ho Tram Strip, which is home to $4.2 billion Ho Tram Strip casino, invested by American Harbinger Capital Partners.
Foreign investors are looking Vietnam’s real estate market as a promising destination. FDI approvals for both fresh and operation property projects in Vietnam reached $2.13 billion in the first ten months of this year, accounting for 11.1% of the total FDI in the country in the period.  
Panelists of the Vietnam Panel voted Vietnam as the best performing real estate market in 2016, ahead of Thailand, Indonesia and the Philippines, Alternaty Co., Ltd., a Ho Chi Minh City-based real estate consulting firm, said in a press release last week.