An affiliate of Dubai World, Limitless, has secured an investment certificate from Quang Ninh state authority to build the $550m Halong Star mixed-use project in Vietnam.
The certificate allows Limitless to begin infrastructure work, which is scheduled to start later this year after a land lease is obtained for the project.
The project will be developed by Limitless and Hanoi-based Sovico Holdings, which formed a joint venture for the project in May 2013.
Sovico Holdings has a 51% stake of the joint venture, with 43% being owned by Limitless and the remaining 6% by Viet-My Ha Long Joint Stock Company.
Halong Star will be located next to the UNESCO world heritage site of Halong Bay on Vietnam’s north-east coast.
It will feature a 250-room five-star hotel with a 500-seat conference centre, a 100-room luxury boutique hotel, more than 230 villas, many public facilities and hundreds of townhouses and apartments that can accommodate up to 4,000 residents.
Limitless spokesman was quoted by Vietnam Investment Review as saying that Halong Star is key to the company’s international investment portfolios.
The Halong Star project was initially started in 2007 by joint venture partners Limitless, Viet-My Ha Long and the International Property Investment Partners (IPIP) with a budget of $220m.
The project was halted in 2009 due to the global economic downturn but, after clearing financial hurdles, it restarted in 2010 with an increased budget of $550m, due to IPIP transferring its minor stake to Sovico Holdings.
Construction work on the villas and semi-detached houses will be completed in 2015, whereas the remaining facilities will be built by 2017.
Limitless CEO Mohammed Rashed bin Dhabeah said: "Quang Ninh provides a host of opportunities for development in many sectors, especially tourism, and we very much look forward to the implementation of Halong Star."