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Blooming Travel Recovery

Posted by Khoi Pham on March 26, 2022

Responding to VnExpress, Mr. Nguyen Loc Hanh, General Director of Ngoc Asia Company, the coastal provinces and the Central Highlands are experiencing a wave of mega-resort projects announced, surveyed, and planned on the largest scale since before to now.

This is the effect of “hundreds of flowers in bloom”, welcoming the opportunity to recover from the new normal phase of the tourism and resort market, which has been gripped by the Covid-19 pandemic for the past 2 years.

According to Mr. Hanh, after covering a high rate of vaccine, the following strains are not too dangerous and considering Covid as a common flu because. There are vaccines and special drugs, many people expect a return to tourism global calendar. “Especially after more than 2 years and maybe by the end of 2022, we can return to normal global travel. Therefore, resort and tourism real estate businesses are massively applying for projects, or applying for surveys, planning, even official announcement and strong sales launch.”

Son Doong Cave Exploration – Oxalis

Tour Exploding billion-dollar resort projects

Real estate giants are rushing to announce resort projects of hundreds to tens of thousands of hectares, even billions of dollars.

In less than the first 3 months of the year, the coastal and highland provinces continuously appeared a dense list of announced resort projects, investment proposals, funding for planning with a huge scale.

Binh Dinh, Binh Thuan and Quang Ninh are all booming with billion-dollar coastal resort projects. At the beginning of March, the Hai Giang Merry Land (Binh Dinh) tourist area project, developed by Hung Thinh, has just announced phase 1 with an area of ​​more than 623.71 hectares, with a total investment of up to 47,000 billion VND (more than 2 billion USD)

This is a project aimed at developing sea tourism including resort hotels, tourist apartments, resorts with many types of high-class entertainment.

In mid-March, Nova Group announced the NovaWorld resort – tourism – entertainment complex located in Tien Thanh ward, Phan Thiet city, Binh Thuan. The project has a scale of 1,000 hectares, a total investment of 5 billion USD, with hundreds of international standard utilities.

This group is ambitious to develop the project into a health care tourism destination for domestic and international tourists.

At the end of February, Bamboo Capital Joint Stock Company had a report proposing the location, boundaries and area of ​​the study site for detailed planning at the scale of 1/500 of the urban complex, tourism resort The Coral in Quang Yen town, Quang Ninh province.

This is a coastal urban complex combined with a tourist resort of 546 hectares, with a total investment of nearly 23 trillion VND (nearly one billion USD).


Perspective of the Hai Giang Merry Land resort project in Binh Dinh with the total investment capital of the first phase of 47,000 billion VND. Photo: Hung Thinh

Mr. Hanh further analyzed that, for developers, the challenge when implementing super resort projects lies in the aspect of constantly changing consumer needs and tastes.

For example, a tourist apartment or beach villa in resorts operating for about 3-5 years, the interior equipment will start to get old and degraded, needing to be renewed to continue to create attractiveness with consumers.

On the other hand, Vietnam is booming with resort projects, every year a few new resorts appear and the trend of tourists is to find new places to experience. Wave after wave, old resort projects if not reinvested in time or poor service will be very difficult to compete.

Typically, Mui Ne is known as the resort capital, but after 10 years, 90% of the resorts here have been seriously degraded. This is also a weakness in terms of exploitation and competition.

Some market reaction if the supply of resort real estate increases is rents may decrease due to competition with a series of competitors in the same segment.

Currently, most resort real estate projects (from affordable to high-end, luxury) offered for sale on the market are “fishing” for customers by traditional tactics of profit commitment or profit sharing.

However, not all developers can fully fulfill their commitments and there have been cases of broken commitments. This shows that the resort real estate market in Vietnam has great potential, but it is not easy to implement.

“Resort real estate projects that want to develop sustainably require the strong potential of the business as a developer, the business strategy must be methodical and specific in the long term but flexible in the short and medium term to adapting to the changes of the times,” said Mr. Hanh.

Realtique Co., LTD

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