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Mon 6 May 2013 12:47 PM

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Dubai's Limitless inks new Vietnam JV deal

Developer signs agreement for construction of mixed use project halong Star

Dubai's Limitless inks new Vietnam JV deal
DELAY: Limitless is still awaiting Indian government approval for the return of its investment in a failed joint venture project in India.

Dubai-based Limitless has signed a new joint venture agreement for the construction of Halong Star, its mixed-use residential and tourism project in Vietnam.

The developer said in a statement that it has partnered with Hanoi-based Sovico Holdings to develop the project, which includes homes, retail facilities and a hotel, all overlooking the UNESCO World Heritage Site of Halong Bay on Vietnam's north-east coast.

The agreement was signed in Ho Chi Minh City by Ibrahim Al Fardan, managing director of Limitless and Chu Viet Cuong, CEO of Sovico Holdings, the statement added.

Al Fardan said: "We are moving forward with our project in Vietnam. Halong Star is key to Limitless ' portfolio, and we are delighted to partner with Sovico Holdings - a high-profile and trusted name in Vietnam and south-east Asia - in order to turn the project from a vision into a reality."

Sovico Holdings will now, on behalf of the joint venture, complete the necessary formalities in order for the project to get underway, he added.

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