Nakheel Vietnam $550m project

Dubai property developer Nakheel said it would propose a plan to restart a delayed $550 million project in Vietnam’s northern province of Quang Ninh in January, the Dau Tu (Investment) newspaper reported.

The Ha Long Star urban and tourism project will feature a 250-room five-star hotel, a luxury hotel with 100 rooms and 226 villas, as well as 114 apartments and a commercial centre, stated the report.

Chairman of Nakheel, Ali Rashid Lootah, and Quang Ninh authority had signed a memorandum to continue the project in 2013, which was postponed due to financial issues after its ground breaking in 2007.

Nakheel said it will start re-investing in the project from next month, the report added.-Reuters

Source:  Trade Arabia

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