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Fri 19 Dec 2014 10:19 AM

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Nakheel said to plan restart of delayed $550m Vietnam project

Reports suggest Dubai property developer is keen to resume work on project in Quanh Ninh province

Nakheel said to plan restart of delayed $550m Vietnam project

Dubai property developer Nakheel has reportedly said it will propose a plan to restart a delayed $550 million project in Vietnam's northern province of Quang Ninh in January.

According to the Dau Tu (Investment) newspaper, a memorandum has been agreed to continue the project, which was postponed due to financial issues after its groundbreaking in 2007.

Earlier this year it was reported that Nakheel executives were due to fly to north Vietnam in June to discuss the construction of the urban and tourism complex in a UNESCO World Heritage Site in Quanh Ninh province.

Designed by Honolulu-based FSC Architects, the 125-hectare integrated resort project will feature a 250-room five-star hotel, 226 villas, 85 upscale residences, 114 apartments and a retail centre.

Though its groundbreaking ceremony was held in 2007, the project has been delayed due to the corporation’s financial difficulties.

It was reported that Sovico Holdings, a private Vietnamese-run firm, had signed a contract to execute the project.

* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.

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Amiro 5 years ago

Well why not. Nakheel took our money 10 years ago to build Palm Jebel Ali. With our money still in its pocket decides to restart delayed Vietnam project rather than long delayed Palm Jebel Ali project. What is the logic behind this?