M.I.K Land to develop Mövenpick Resort Phu Quoc

M.I.K Land Company signed a management contract on December 8 with Mövenpick Hotels & Resort, a Swiss hospitality group, for an integrated resort on Phu Quoc Island. M.I.K Land will become the exclusive unit developing the project while Mövenpick will be responsible for management and consulting. “Mövenpick Resort Phu Quoc will create new standards for hotels and resorts in Vietnam and bring the island onto the international tourism map,” said Deputy General Director of M.I.K Land, Mr. Le Thi Hai Chau. “We chose the group to cooperate with based on its reputation, with extensive experience in the hotel business and its rapid expansion in the Asian hotel market.” The resort is expected to be operational by 2017 on an area of about 50 ha, with around 250 rooms, 100 apartments, and 50 villas. Additional facilities include a retail area called “Swiss Village”, a water park and a pool, a spa, a 1,000 sq m conference center, a theater, an outdoor cooking school, beach clubs, children’s play areas, a water sports center, a fitness area, and adventure activities. The resort will have a vocational hospitality school with fully-equipped accommodation for students. “This attractive project will be a key project in Vietnam and is considered the first step of the group to expand its management of large-scale resorts across the region,” said CEO of Mövenpick Hotels & Resorts, Mr. Jean Gabriel Peres. On the same day M.I.K Land also signed a strategic cooperation agreement with two leading groups in construction and design consultancy - the Hoa Binh Construction Group and Baumschlager Eberle Vietnam - to implement projects of MIK Land in Vietnam.

Vietnam welcomes new landmark with ground breaking of The ONE Ho Chi Minh City

Vietnam welcomes new landmark with ground breaking of The ONE Ho Chi Minh City Ho Chi Minh City, 27th April 2012 – The Bitexco Group was breaking ground on the most exciting property development in this city since the inauguration of the iconic Bitexco Financial Tower in 2010. Strategically located in the historic heart of Ho Chi Minh City, The ONE Ho Chi Minh City will be another Bitexco-led symbol of Vietnam’s emerging prominence on the global stage. 1 More than 300 guests from government ministries and the private sector have attend the significant event. They were also witness an agreement signing between the Bitexco Group and The Ritz Carlton Hotel Company LLC, under which the American luxury hotel chain will manage a six-star Ritz Carlton Hotel in The ONE Ho Chi Minh City. The 250-room hotel will be Ritz Carlton’s first in Vietnam, underlining the hotelier’s confidence in Vietnam’s business and tourism growth. During the event a Financing Investment Agreement will also take place between Mr. In-Suk Ko – CEO of Bitexco Group and Mr. Le Duc Tho – Deputy Director of Vietnam Joint Stock Commercial Bank For Industry & Trade (Vietin Bank) 2 D3 S 0231 Resize Mr. Vu Quang Hoi, Chairman of Bitexco Group of Companies, said: “Bitexco is honoured to be the developer of The ONE Ho Chi Minh City which will raise the benchmark for luxury and sophisticated lifestyle in Vietnam. We have embarked on this journey with one of the world’s leading luxury hotel chains, Ritz Carlton, which will usher new levels of luxurious hospitality in Vietnam. Bitexco believes in partnering with the world’s best and with that, we are also confident that top tier multi-national corporations will want to take up office space in The ONE Ho Chi Minh City’’ Also in the ceremony, Bitexco Group has donated VND1 billion for Ho Chi Minh City poor people Fund and another VND 1 billion for District 1 poor people Fund. 3 The ONE Ho Chi Minh City is one of the ‘’golden sites’’ identified by the Vietnamese government’s 2020 Vision programme to improve the social, economic and lifestyle conditions of Ho Chi Minh’s population. Bounded by four major thoroughfares, namely Le Thi Hong Gam, Calmette, Pham Ngu Lao and Pho Duc Chinh, the site is located on the southern side of Ben Thanh Square, the symbolic heart of Ho Chi Minh City. It is across the famous Ben Thanh Market, a sprawling shopping complex favoured by tourists and Vietnamese alike. A mixed use development, The ONE Ho Chi Minh City is designed by award-winning US architect Bernardo Fort-Brescia of Arquitectonica. Comprising two towers connected by a podium, it boasts retail area (+/- 31.802 m²), office space (+/- 17.320 m²), luxury residences (+/- 55.040 m²) as well as the Ritz Carlton Hotel (+/- 33.940 m²). The ONE Ho Chi Minh City is scheduled for completion in 2015. Standing at 240 metres in height, the 55-storey West Tower will contain 350 luxury apartments, making it the ultimate residential address in Vietnam. The shorter 48-storey East Tower will have 12 storeys of office space in the lower floors of the block. The Ritz Carlton Hotel will be located in this block, starting from level 24 with the VIP suites on the upper most floors. Architect Mr. Fort-Brescia, drawing inspiration from the legendary dragon, used the towers to represent two dragons rising from the ground with their tails coiled and pearls dangling from their mouths. The cantilevered tops represent the dragons’ heads while the glass cubes are figurative depictions of Vietnamese pearls in the mouths of the dragons. The podium, located at the bottom of the towers signifies the coiled tails of the dragons. Said Mr. Fort-Brescia: “The cubes, which glow at night, will be easily recognised from any point in the city. These unique features add to the iconic stature of the building as a highly distinctive and prestigious address in Ho Chi Minh City.” ‘’Through the design, we want to convey a strong, convincing sense of confidence and purpose in Ho Chi Minh City and the people of Vietnam. It provides a powerful reminder to current and future generations, of Vietnam’s stature as ‘’Pearl of the Orient,’’ said Mr In-Suk Ko, CEO of Bitexco. The ONE Ho Chi Minh City will be a major transportation hub, enhancing its iconic stature. A new bus interchange and three new underground metro lines are under construction, with the latter converging under Ben Thanh Square. The ONE Ho Chi Minh City will benefit from large volume of pedestrian traffic flowing seamlessly into the building. The high footfall from office workers, tourists and Vietnamese will be a boon to retailers and food and beverage outlets in The ONE Ho Chi Minh City. The ONE Ho Chi Minh City is one of many projects under Bitexco Land’s portfolio. In 2010, it inaugurated the Bitexo Financial Tower which recently named one of the world’s top 20 most iconic skyscrapers by CNNGo, the ultimate insider’s guide to the top travel, entertainment and lifestyle experiences in Asia Pacific. Other upcoming projects include Nguyen Cu Trinh Center and the Hoang Mai Central Township. For further information, please contact: BITEXCO GROUP - Public Relations Office Ms. Vo Ngoc Lien Huong Tel: +84 8 3821 1033 (Ext: 316) Cell phone: +84 908 889 451 Email: huongvnl.info@bitexco.com.vn

Phu Quoc condotels warming up the market

15:33 | 18/03/2016 Phu Quoc condotels warming up the market Condotels in Phu Quoc are becoming increasingly attractive to foreign investors because of their location in one of the hottest tourism destinations of Vietnam as well as the prestigious developers behind them. On March 8, a Boeing 787 of Swiss airline TUI Nordic, packed with Northern European tourists, landed at Phu Quoc International Airport. A representative of the airline said that in the last months of 2016 they are going to have weekly flights to Phu Quoc. Besides being a popular destination for tourists from Russia, Singapore, Malaysia, and Thailand, Phu Quoc has recently started welcoming visitors from Europe. In the past year, many foreign airlines have opened routes or increased the frequency of flights to Phu Quoc because the infrastructure serving tourism, especially accommodation, has improved remarkably. As the island is looking forward to a boom in tourism, now is a unique time to invest in real estate here. In fact, foreign investors from a variety of countries have already shown great interest. At the beginning of 2016, an event to introduce Sun Group’s hospitality real estates in Singapore attracted representatives from more than 200 real estate companies. Leong Boon Hoe, managing director of CBRE Singapore, said that three factors making hospitality real estate in Vietnam attractive to Singaporean investors are their competitive prices, good location, and the prestige of the developers. In Singapore, a three-bedroom condotel is priced between $500,000 and $840,000 while a similar condotel in Vietnam only costs about 25 per cent of that. Sun Group’s condotels are within the resort and close to the seaside. The building density is 30 per cent, while the remaining 70 is reserved for green space and 5-star amenities. The developer commits a profit of at least 9 per cent per year for nine years, and the owner of the condotel gets 135 nights in their estate or a comparable accommodation for these nine years. Condotels are also an attractive choice compared to other investment options. If one buys a condo in the city, one remains hard-pressed to think of ways to earn a profit. In case of a condotel, the developer commits a fixed profit. Sometimes the profit one makes is even higher than the committed rate. It could reach 15 per cent per year or higher if the condotels are managed by internationally renowned hotel companies. The condotel model is a recent addition to the Vietnamese real estate scene, though enjoying international popularity for a while now. Condotels in Singapore, Boracay in Phillipines, Bali in Indonesia, and Sydney in Australia have proved extremely profitable. Condotels were hot in Vietnam five years ago, when investors raced to get their hands on condotels from international projects, such as Hyatt Regency and Azura in Danang. At that point, the price was $4,500 per square metre. At the end of 2015 condotels made a comeback with Sun Group’s Condotel Premier Residences Phu Quoc Emerald Bay project, and judging by the warm welcome of the market, one can say that condotels have not lost their shine. With not only Sun Group, but also many real estate companies, such as Vingroup and LDG Group, seeing big opportunities in the condotel segment, investments in the area are poised for a surge in 2016. By Hong An

Vietnam architecture moving on to next stage of development

Monday, Aug 3,2015,10:07 (GMT+7) Zoom in Zoom out Add to Favorites Print Send to a friend Vietnam, a land with rich cultural values, kind people and stunning landscapes, was very brave in the past. Today, Vietnam is no longer seen as a country at war, but known for its high economic growth. Recently, the legendary investment advisor Marc Faber has given his investment insight on CNBC into the Vietnam stock market. According to him, Vietnam is a country that “stands out in Asia” with its strong economic performance and reasonably priced stocks. The development and global integration have given the Vietnamese a “playground” where they show their competitiveness abroad. Some of the masterpieces in architecture in Vietnam have begun to be recognized by international institutions given its unique, creative and high-profile buildings. In Vietnam’s residential housing sector, Vo Trong Nghia is a talent in architectural practice and he has become more and more famous in international media for his creative designs. Some of his award winning projects are “Binh Thanh House”, “Bamboo wing” and “Wind and Water”. Other Vietnamese architects have also made significant achievements, including Hoang Thuc Hao and Nguyen Hoa Hiep. Bitexco Group takes pride in the 68-floor Bitexco Financial Tower, which is 262 meters tall, as an architectural symbol of HCMC In commercial building sector, Bitexco Financial Tower in Ho Chi Minh City and recently Marriott Hotel in Hanoi City are well known buildings by architecture. They have become iconic buildings in the skylines of the nation’s two biggest cities. Bitexco Financial Tower and Marriott Hanoi are been recognized not only at home but also internationally as they have won awards from professional institutions in architecture. These projects are the pride of the Vietnamese as they have been invested and developed by a young local business. The first Marriott Hotel in Vietnam, which looks like a dragon and is another iconic project developed by Bitexco Group in Hanoi With its achievement in property development, Bitexco, developer of BFT and Marriott, has proven its ability to absorb new technology from developed countries, and work with international construction partners to develop high profile and artistic buildings. Bitexco Group is proud of its 68-floor Bitexco Financial Tower as a symbol of Vietnam’s rapid economic growth, modernization, globalization and dynamism. With its graceful, statuesque and world-class design, the 262-meter-tall skyscraper is a great example of international collaboration in engineering. It is now the most prestigious business address and visitor attraction. It is the dawn for endless inspiration. Shaped like a lotus bud, Bitexco Financial Tower combines a blossoming of traditional Vietnamese culture with the nation’s progressive aspirations of today. Following the success of Bitexco Financial Tower in HCMC, Bitexco Group continued to introduce another architectural masterpiece which has been operated by JW Marriott. This is the most luxurious brand of hotel management in the world. This explains why the hotel was selected to host Manchester City team and its delegation for their three-day stay in Hanoi during their friendly match with Vietnam’s national team on 27th July. Located in the premises of the National Convention Centre, JW Marriott is called the “Dragon” hotel, as it strikes an interpretive symbol of a dragon ascending along the beautiful seashore of Vietnam. The architect of the building is Carlos Zapata, who is also the mastermind behind the Bitexco Financial Tower skyscraper in Ho Chi Minh City. The ONE, another project of Bitexco Group under construction, was recognized as “Best mixed-use architecture Vietnam 2013” by International Property Award Bitexco is about to introduce to the market another mixed-use project, called The ONE, which is opposite Ben Thanh Market. Although the project is not yet complete, it has got “Best mixed-use architecture Vietnam” from International Property Award. The architectural works that were created and owned by Vietnamese companies have gradually appeared on the global architecture map. Vietnam is now seen as an economy with impressive growth, modern infrastructure and stunning architectural buildings.

ITC Spectrum gets a stay of execution

ITC Spectrum gets a stay of execution JANUARY 7, 2013 BY VIR LEAVE A COMMENT The US’ ITC Spectrum LLC has failed to meet the deadline given by Binh Dinh Provincial People’s Committee for advancing money for land compensation costs to build two luxury hotels under Ritz-Carlton and JW Marriott brands in the central province. However, the local government will not revoke the investment certificate of the investor as previously threatened. Man Ngoc Ly, director of Binh Dinh Provincial Economic Zone Management Authority, said ITC Spectrum had not transferred VND21 billion, or $1.04 million at the current exchange rate, before December 31, 2012 as committed. “The investor said they had trouble with procedures for money transfer, so that they failed to make commitment on time,” said Ly. In September 2012, Binh Dinh Provincial People’s Committee asked the investor to advance the $1.04 million sum before October 31, 2012 or the provincial committee would revoke the investment certificate of this project. But the investor asked the government to extend this deadline by the end of 2012 and this petition was approved. “Site clearance and land compensation will not complete if the investor does not advance money. We understand that they are in a difficult situation, therefore we will not withdraw the project’s investment certificate at the current time,” said Ly, adding the local authorities continue to support the investor. Under the commitment with Binh Dinh, Ly said, ITC Spectrum would have to cover all VND135 billion ($6.4 million), of compensation and site clearance costs. The $1.04 million is just a part of the total amount. Until now, only 135 out of 325 hectares of the project site have been cleared. ITC Spectrum is developing Vinh Hoi resort project through a wholly-owned subsidiary Vietnamese-American Hotel and Resort Limited Company. In 2010, Marriott International signed a management agreement with the US firm to manage the project under two luxury hotel brands including Ritz-Carlton and JW Marriott. According to Marriott International, the project will be an oceanfront, fully-integrated, mixed-use development including three resorts, a championship 18-hole golf course designed by Robert Trent Jones II, residential villas, a retail village, an arboretum and other recreational amenities. However, construction of this project, licenced in 2007, has never begun due to site-clearance difficulties. In September 2012, the Vietnamese government agreed to extend lifetime of this project to 55 years from 50 to partly compensate for the time delay caused by these difficulties.

Marriott, Ritz-Carlton, Outrigger to Manage Three Resorts in Central Vietnam

AUGUST 29, 2010 BY VCCINEWS LEAVE A COMMENT Marriott International, Ritz-Carlton and Outrigger Hotels and Resorts Asia on August 24 signed deals with Vietnamese American Hotel and Resort Co., a wholly owned subsidiary of the U.S. investment firm ITC Spectrum LLC., to manage three resorts in Vietnam’s central province of Binh Dinh. Under the deals, the three world leading hotel operating companies will manage three resort projects inside what is called the $250 million Vinh Hoi Bay Golf Resort. The Outrigger Vinh Hoi Bay Resort and Spa with 210 rooms and 46 private villas will start construction in mid-2011 and is expected to open for business at the end of 2013. The 100-villa Vinh Hoi Bay – A Ritz-Carlton Reserve and the 320-room JW Marriott Vinh Hoi Bay Resort & Spa are expected to begin construction in early 2012 and be completed in 2014. Vinh Hoi Bay Golf Resort is 25 kilometers north of Quy Nhon City and 20 minutes away from Phu Cat Airport in the central province. “Ritz-Carlton and Outrigger are two new tourism brands in Vietnam and we are very pleased to have these prestigious American brands be a part of the Vinh Hoi Bay development,” Tran Duc Canh, chairman and CEO of Vietnamese-American Hotel and Resort, said at the signing ceremony. “We are delighted with this visionary opportunity to further expand our lodging portfolio in Vietnam. These resorts will rank among the best, most luxurious properties in Asia,” Edwin Fuller from Marriott International noted. (Young People, www.dtinews.vn)

Crowne Plaza® Hotel to Phu Quoc

IHG & M.I.K Corporation to Bring First Crowne Plaza® Hotel to Phu Quoc Island New 300-room Crowne Plaza Phu Quoc Starbay to welcome guests in 2017 InterContinental Hotels Group (IHG®), one of the world's leading hotel companies, has signed a management agreement with leading real-estate investor and developer in Vietnam, M.I.K Corporation (M.I.K), for a 300-room Crowne Plaza hotel on the island of Phu Quoc. Crowne Plaza Phu Quoc Starbay will be one of IHG's first hotels in Phu Quoc and the company's third Crowne Plaza in Vietnam, joining Crowne Plaza West Hanoi and Crowne Plaza Danang. Slated to open in 2017, Crowne Plaza Phu Quoc Starbay will be part of the new Star Bay/Green Hill development, which will also feature a lagoon, beach village and a range of shops, restaurants and bars. The hotel, which is accessible via major highways, is close to both the island’s town centre of Duong Dong and the new Phu Quoc International Airport, making it a prime venue for corporate and leisure events. As one of the most reputable meetings hotel brands in the world, the Crowne Plaza hotel will have a business centre to address guests' business needs during their holiday. A dedicated meeting and events team will also be on site to help clients plan and transform the hotel’s six meeting spaces to suit a variety of event needs. One of the main highlights of the hotel will be a beautiful wedding chapel, ideal for couples looking for a unique wedding destination. After a romantic beachside nuptial, the bridal couple and their guests can adjourn to the 240-seater ballroom for the evening banquet to round up the night. Located along the coast of Dai Beach in north-west Phu Quoc, guests will be steps away from stunning beaches offering pristine white sand and clear waters for an afternoon of lounging, snorkelling and scuba diving. Dai Beach was ranked “Top 100 Beaches” by CNN in 2013 and “Top 5 Hidden Beaches” by ABC News in 2008. The hotel’s all-day dining, beachside specialty restaurant, “Surf Shack” and pool bar will provide guests with a great choice of options for meal times, and with a fully equipped fitness centre, outdoor pool, spa and kid’s club, there will be something for everyone who comes to stay. Leanne Harwood, Vice President, Operations, South East Asia, IHG said: “Phu Quoc is going through exciting times. We've seen the positive impact that development of the new international airport has bought, and the upcoming expansion of the cruise terminal will also help drive tourism. The visa-free entry for a series of travellers has also helped growth in visitor arrivals. We're entering Phu Quoc at a great time and couldn't have asked for a better location on the island to open Crowne Plaza Phu Quoc Starbay with M.I.K Corporation." John Lim, CEO, M.I.K Corporation, said: “We are delighted to work with IHG – the world's largest hotel company – to bring the first Crowne Plaza hotel to Phu Quoc. The island is growing as a tourism destination and as one of the few hotels in the market with a range of meetings and events facilities, Crowne Plaza Phu Quoc Starbay will be in a great position to cater to the growth in business and leisure travellers." Crowne Plaza, a trusted name for business travellers worldwide, is one of the fastest growing hotel brands in the world with more than 400 hotels open in over 65 countries, with 92 hotels due to open in the next three to five years. IHG has six hotels open across two brands in Vietnam: two Crowne Plaza hotels and four InterContinental hotels and resorts with a further seven hotels and resorts in the development pipeline.