In the past few years the south of Phu Quoc island has become an investment hot spot, attracting real estate projects to Bai Khem and Mui Ong Doi beaches, the trans-sea cable system, and Hon Thom sea entertainment complex, with the total investment of VND20 trillion ($940 million).
The investment paradise
In the past three years Phu Quoc has seen a breakthrough in infrastructure development to become a global hub of tourism. As of the end of the first quarter of 2016, Phu Quoc has 1,700 apartments of a large variety. Many entertainment projects are being completed to provide tourists with a better choice of activities.
The island has become a coveted investment destination, attracting big developers with billion dollar projects.
Troy Griffiths, deputy managing director of Savills Vietnam, said that besides its unparalleled natural beauty, Phu Quoc has four other advantages that contribute to the breakthrough in investment. The first is the financial incentives, including free land rent and a 50 per cent corporate income tax reduction (10 per cent instead of 22 per cent). The second is the fast growing infrastructure with sea ports, an airport, good main roads, underground electric wires, and the upcoming cable car system. The third is the fast growing tourism with a million tourists having visited in 2015. The fourth is the strategic location only one or two hours of flying from nearby main tourism spots.
At the moment, the key developers are hurrying to complete big projects on the island. To the north, there are the Vinpearl resort complex and the Safari. To the south, there is Sun Group’s real estate and entertainment complex. The south of Phu Quoc is going to see great changes when a series of big projects, such as J.W Marriott Phu Quoc Emerald Bay Resort and Spa, Premier Village Phu Quoc Resort, and Condotel Premier Residences Phu Quoc Emerald Bay, as well as the trans-sea cable car system, and Hon Thom sea entertainment complex, are completed.
The local infrastructure is also improving at a rapid pace, becoming a springboard for large-scale projects. Examples include the $12-million project to supply water to the south of the island, the renovation of Duong Dong-An Thoi and Bai Thom road with an investment of VND1.7 trillion ($76.2 million), and the VND600-million ($27,000) Cua Lap-An Thoi road. These projects facilitate even the largest endeavours and help the island attract more investors.
Big projects beat the path to follow
Sun Group has invested more than VND20 trillion ($940 million), which is coming into fruition at the moment, as a variety of projects are almost complete, such as J.W Marriott Phu Quoc Emerald Bay Resort and Spa which is expected to open to tourists in the third quarter of this year.
At the end of July, the first model apartments in Premier Village Phu Quoc Resort and Condotel Premier Residences Phu Quoc Emerald Bay were introduced to the public in Ho Chi Minh City and Hanoi. During the impressive launching event many investors made the decision to buy on the spot.
Dang Minh Tan, from District 1 of Ho Chi Minh City, said that his wife and he have been researching the island since the real estate market here started booming. After visiting Mui Ong Doi and being enamoured by the scenery, as well as witnessing with his own eyes the progress of Premier Village Phu Quoc over the past half year, he decided to buy a beach villa. “There are cameras on the construction site so we can see the progress of our dream villa every day,” he said.
Dwellers of the villas can fully embrace the sea atmosphere thanks to the glass windows that span from the ceiling to the floor. They can also enjoy world class facilities, such as the infinity pool that links the two coasts together, restaurants, and the sea club. Owners can also participate in the timeshare programme and are entitled to 15 days at any Sun Group resort facility.
The upcoming completion of Premier Village Phu Quoc Resort and Condotel Premier Residences Phu Quoc Emerald Bay is going to attract more investment into real estate in south Phu Quoc island.
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