Limitless, a global master development arm of Dubai World, is to build a US$220 million, mixed-use project in Vietnam, it was disclosed today (Wednesday).
The announcement comes as HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE and Ruler of Dubai, visits Vietnam to discuss bilateral relations with President Nguyen Minh Triet and Prime Minister Nguyen Tan Dung, accompanied by a delegation of ministers and senior officials, including Dubai World Chairman Sultan Ahmed Bin Sulayem.
Halong Star, a 125 hectare development at Halong Bay on Vietnam’s North East coast, was confirmed at the signing of a joint venture between Limitless, Phuong Hung Joint Stock Company and International Property Investment Partners LLC.
Located 250 metres above Vietnam’s premier tourist destination, the project will include luxury hotels, conference facilities, high-end residential units and recreational, cultural and education facilities, all with extensive views of Halong Bay – a UNESCO-sanctioned world heritage site.
Sultan Ahmed Bin Sulayem, Chairman of Dubai World, said: “Limitless was established with the aim of capitalising on Dubai’s real estate experience by developing distinctive projects around the world. The venture into Vietnam reinforces Limitless’ commitment to South East Asia, and I am delighted that a Dubai World company has been chosen to enhance this beautiful part of the world.”
Saeed Ahmed Saeed, Chief Executive Officer of Limitless, said: “Halong Star is the result of extensive research, planning and negotiation by our teams in Asia. It is our first project for South East Asia, and there are several more in the pipeline for elsewhere in the region.
“Halong Star draws on our core competencies of master planning and developing distinctive, innovative and sustainable projects. At Halong Bay, Limitless will deliver a project that will fulfil the area’s massive demand for high-end tourist and residential facilities – especially those with spectacular views. For example, our development will include the area’s first 5-star hotel, helping to secure Halong Bay as one of the world’s top luxury destinations.”
The Halong Star master plan includes:
• a 250-room 5-star hotel, with 500-seater conference;
• a 100-room luxury boutique hotel, with its own spa and wellness centre;
• 36 high-end serviced villas, and a further 190 top-end villas;
• 85 luxury townhouses;
• 114 apartments;
• retail and commercial space;
• a cultural arts village; and
• a commercial hospitality school
Limitless will engage world-class architects to draw on traditional Vietnamese, French Colonial and modern Asian design characteristics for the hotel and residential elements of Halong Star. In addition, grounds will be heavily landscaped, featuring lakes and tropical gardens to preserve and enhance the natural beauty of Halong Bay.
The project is expected to be completed over a five year period.
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Media enquiries: Rebecca Rees, Limitless PR on +971 4 375 9733 Rebecca.rees@limitless.ae