The People’s Committee of Thanh Hoa recently announced that Dubai-based developer Magnum Group plans to invest in a multimillion-dollar golf and beach resort in the north central Vietnamese province.

Magnum Group’s reported VND5.5 billion (USD262 million) investment will be within the 230-hectare Truong Le Mountain ecotourism zone and South Sam coastal region. The company is set to send representatives to study the proposal, Vietnam News Network reported.

Earlier, the group’s chairman and CEO Sam Rehani visited the area to sign an agreement with local developer Dong A Real Estate Corporation. Initial plans of the company include a luxury international resort and a golf complex to capitalise on the area’s booming tourism.

The provincial People’s Committee is reportedly urging the two parties to expedite the negotiations and launch the said project as soon as possible. Magnum Group’s partnership with Dong A is seen as “an important initial step” for further foreign direct investments in the area, according to local media reports.

Thanh Hoa’s ecotourism zone is building up to become one of northern Vietnam’s top attractions. Located 16 km from the city proper, the area already boasts of several mega-developments, including the FLC Sam Son Golf Links resort.

Image credit: VNN

Source: www.property-report.com