Construction has officially begun on the latest phase of Vietnam’s Ho Tram Strip development, known as Kahuna, according to the Ho Tram Project Company.
Kahuna Ho Tram Strip Condotel and Villa Development comprises 164 condotel units, 36 double key villas and eight villas with beach frontage, all adjoining the existing 541 room 5-star The Grand Hotel. News of the development, designed by leading Ho Chi Minh architectural firm Korn Architects and international engineers Aurecon, was originally announced in August.
“With the commencement of piling today, we aim to be fully operational in early 2019,” said Executive Chairman of Ho Tram Project Company Michael Kelly. “As the operator of the nation’s largest integrated resort, The Grand, we are uniquely qualified to develop a site that allows investors a to share in the fun and excitement that has come to define the Ho Tram Strip.”
The company is also building another 559 room 5-star hotel called The Beach Club which was topped out earlier this year and is due to open in 2018.
In its announcement, Ho Tram Project Company said that residences at Kahuna will range from VND2 billion (US$88,000) for a one bedroom unit to VND20.5 billion (US$900,000) for the best villas.
The US$1.1 billion Ho Tram Strip development represents Vietnam’s largest integrated resort by amount invested and is one of a number of IRs banking on the government allowing locals to gamble in the country’s casinos.
The Vietnamese Ministry of Finance recently stipulated that a three-year trial allowing locals to play in two selected casinos would start on 1 December 2017 but with that date having now passed there has been no indication as to which properties have been or will be chosen.