The promoter of a beachside Vietnam casino resort and real estate project called the Ho Tram Strip has announced a third phase of development.
The Ho Tram Project Co Ltd said in a Thursday release that the Kahuna Ho Tram Strip (pictured in an artist’s rendering) – described as a 244-unit development to the north of the casino venue’s hotel tower – would feature 164 one- and two-bedroom condominiums and eight penthouses in a 12-storey tower. It will also have 44 beachside villas, ranging in size from 218 square metres (715 sq feet) to 223 square metres.
According to the release, the third phase has been designed by the Ho Chi Minh City office of Korn Architects, and is likely to break ground in the fourth quarter this year.
The Ho Tram Project Co is a wholly owned subsidiary of Asian Coast Development Ltd.
The first phase of the Ho Tram Strip – The Grand casino resort, featuring a 541-room hotel, opened in July 2013. In October 2015, the Ho Tram Strip opened The Bluffs, an 18-hole golf course designed by golfer Greg Norman.
Current construction includes a 559-room second tower for The Grand – dubbed The Beach Club – which the promoter says is designed further to expand the entertainment amenities at the resort and is likely to open in early 2018.
Thursday’s release said Ho Tram Project Co had so far “deployed and committed” more than US$1.1 billion in capital.
Currently under Vietnamese law, The Grand’s casino is only allowed to serve foreign players. But the scheme hopes to be part of a pilot project under which locals will be allowed to gamble in Vietnamese casinos.
The Vietnamese government published in late January a decree that paves the way for selected domestic casinos to accept bets from Vietnamese gamblers, for a trial three-year period.
The Ho Tram Strip is on a beachside plot in Ba Ria-Vung Tau province, 120 kilometres (75 miles) southeast of Ho Chi Minh City in the south of the country.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia