Kahuna Ho Tram Strip breaks ground
|Photo: Khanh Chi (VET)|
Construction gets underway on December 14, with completion expected by early 2019.
The Ho Tram Project Company (HTP) marked the official start of construction at its Kahuna Ho Tram Strip Condotel and Villa Development project on December 14. The project was launched earlier this fall and has attracted substantial interest from domestic and international investors alike.
Designed by Ho Chi Minh City architects Korn Architects and international engineers Aurecon, Kahuna captures the essence of a beachside holiday experience and offers a compelling opportunity to be part of a fast-developing coastal destination.
Kahuna is the fifth phase of the Ho Tram Strip development, comprising 164 condotels, 36 double key villas, and eight villas with beach frontage. It adjoins the existing 541-room five-star The Grand Hotel, Vietnam’s largest and most awarded integrated resort.
Located across the road is the award-winning Greg Norman-designed The Bluffs golf course and the prestigious Gallery Villas residential development. The Beach Club, currently under construction and topped out earlier this year, is a 559-room five-star hotel and when completed in 2018 will increase the resort’s room numbers to 1,100 and add various entertainment and leisure activities to The Ho Tram Strip.
Located just two and a half hours from Vietnam’s largest metropolis, Ho Chi Minh City, Kahuna is ideal for investors seeking a second home. Investors entering into the ten-year Rental Pool Agreement will receive 21 nights free occupation each year, a guarantee of 8 per cent return on the net sale price for the first two years, and a lessee-favored 60:40 split of net rental revenue for the remaining eight years.
“With the commencement of piling today, we aim to be fully operational in early 2019,” said Mr. Michael Kelly, Executive Chairman of HTP. “As the operator of the country’s largest integrated resort, The Grand, we are qualified to develop a site that allows investors a chance to share in the fun and excitement that has come to define the Ho Tram Strip.”
Kahuna residences range from $88,800 for a one-bedroom standard unit to $400,000 for a penthouse, while villas are from $350,000 to $900,000.
With over $1.1 billion deployed and forward deployed capital, the Ho Tram Strip represents the largest foreign-invested tourism development in Vietnam and is the largest private equity investment in the country from the US. HTP also has plans to develop a private international airport, 15 km away from Ho Tram Strip.
The project will span an additional 236-ha site and further enhance tourism and economic growth in the region.
The Ho Tram Project Company, a wholly owned subsidiary of Asian Coast Development Limited, leads the development of the Ho Tram Strip, which includes The Grand, The Bluffs, and Gallery Villas, a series of residential villas.
Beyond its many business activities, the company is also deeply involved in several corporate social responsibility projects in Ba Ria Vung Tau province, including efforts that support disadvantaged families and partnerships with vocational schools to provide opportunities for local students in the field of hospitality management.
by Hong Nhung / VET