08.04.2021, 20:00

Singaporean investor proceeds with $75mn project in Vietnam despite pandemic

Singaporean investor proceeds with $75mn project in Vietnam despite pandemic

With their belief in Vietnam’s ability to control COVID-19 and recover from the pandemic’s economic fallout, Singapore-based Pegasus Investment and Consultancy JSC and Banyan Tree Hotels and Resorts have signed a hotel management agreement to open Dhawa Quy Nhon Vietnam upon the project’s completion in 2023.

The deal was inked in Singapore on Wednesday as part of the second phase of the Pegasus Education Tourism Complex for Dhawa Quy Nhon Vietnam, an eco-resort project with an estimated total investment of S$100 million (US$75 million).

Pegasus will provide its first resort services during this phase, said Pegasus chairman Ricky Tan.

“With COVID-19 vaccination programs underway globally and in Vietnam, we believe Dhawa Quy Nhon Vietnam will benefit from the pent-up demand of leisure travel, especially in nature-based resort environments, when borders reopen and domestic tourism recovers,” Tan was quoted by The Strait Times as saying.

The project’s first phase broke ground in 2016 with the opening of Outward Bound Vietnam (OBV), a life skill training zone.

Its third phase will include the construction of ecological residences.

Pegasus Education Tourism Complex cements the company's long-term commitment and investments in Vietnam, said Tan.

The latest investment signals the firm's strong confidence in Vietnam's economic development and growth prospects, he added.

Ho Kwon Ping, executive chairman of Banyan Tree Holdings, said that the agreement marks Banyan Tree Group’s second Dhawa resort in Vietnam and reflects the group’s continued growth.

Ping also expressed his optimism about Vietnam’s economic strength as well as the long-term prospects of the country’s tourism sector.

"This strategic partnership highlights the like-minded collaboration and entrepreneurship of two home-grown brands with strong overseas footprints," he told The Strait Times.

Seated on 10.5ha of land in Quy Nhon, the capital city of Binh Dinh Province in south-central Vietnam, Dhawa Quy Nhon Vietnam will have 240 rooms upon its completion.