Big real estate developers are heading for Phu Quoc

The presence of well-known names such as Vingroup, Sungroup and Bimgroup, plus the execution of a series of transport infrastructure projects, has warmed up the Phu Quoc market up again.

Vingroup is the biggest investor with a resort/casino that cost the company VND50 trillion, or $2.2 billion. 

The giant firm owns many land plots in advantageous positions with the view toward the sea. Its 900 hectare Vinpearl Phu Quoc is located on Bai Dai beach, one of the world’s 10 most beautiful and pristine beaches.

The 37 hectare casino, a part of the mega project, is believed to be the biggest magnet attracting high-society travelers. 

Opinions from well informed circles say Vingroup is going to introduce a new project adjacent to the area. 

Tran Thi Thu Hien, director of DTJ Group, the distributor of Vingroup’s resort real estate products, said with a series of new infrastructure items and the casino, the island will see a new investment wave.

Other big real estate developers, namely Sungroup, Bimgroup and CEO Group, are also proceeding with their huge projects. They put high hopes on their investments on Phu Quoc as they can see travelers flocking there. 

A report from the Kien Giang provincial tourism department showed that 3.7 million travelers came there in the first 11 months of 2018, an increase of 38 percent compared with the same period last year.

A real estate broker on Phu Quoc confirmed that the market has warmed up after a quiet period. Investors feared a real estate bubble and mixed information about the development of Phu Quoc Special Economic Zone in the future. But they have returned as they understand that latecomers may miss great opportunities.

An analyst also noted that the golden days have yet to return to Phu Quoc market, but it has become much better than mid-2018. Though the number of successful transactions remain modest, more people have shown interest in large projects there. 

Meanwhile, more and more real estate trading floors have opened recently on large roads such as Hung Vuong and Tran Hung Dao.

The analyst said the trading floors are getting ready for the distribution of large projects developed by Vingroup, Sungroup and Bimgroup. Other small projects are also expected to launch their products soon.

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