Asian Coast Development Ltd.

Asian Coast Development Ltd.

May 22, 2008 12:04 ET

Asian Coast Development Ltd.: Canadian Company Awarded Right to Build Vietnam's Largest Tourism Destination

$4.2 billion luxury integrated resort complex to be located in Vietnam's Vung Tau Province

HO CHI MINH CITY, VIETNAM and TORONTO, ONTARIO--(Marketwire - May 22, 2008) - Asian Coast Development Ltd. (ACDL), a privately held Canadian-based luxury resort developer, has been awarded a highly coveted investment certificate by the government of Vietnam that allows for the construction of Vietnam's largest tourism venture, the Ho Tram Strip. The planned $4.2 billion, 9,000-room luxury hotel resort and entertainment destination will be located on the white-sand beaches of Vung Tau Province in southern Vietnam.

Phase 1 of the project - a five-star hotel resort with 1,100 rooms, a championship golf course designed by PGA legend Greg Norman, and Vietnam's first Las Vegas-style casino - is slated to open in late 2010. Phase 2 - a second luxury resort with 1,300 rooms, a casino, and 10 restaurants and nightclubs - is scheduled to open in the spring of 2011. The entire complex, located 80 km south west of Ho Chi Minh City on the South China Sea, is scheduled to be completed in under 10 years.

"Vietnam is blessed with some of the most magnificent natural beauty in the world," said Michael Aymong, Chairman, Asian Coast Development Ltd. "We share the same vision and determination as our Vietnamese partners in ensuring this development respects the lush natural beauty of the area while showcasing local culture. The Ho Tram Strip will set the standard as a premier luxury destination in this beautiful country."

The official investment certificate will be presented to ACDL on Friday by the Vietnam government at a ceremony in Ho Chi Minh City attended by Vietnamese government officials including Mr. Nguyen Xuan Phuc, the Minister of the Office of Government and senior members of many major ministries, Gabriel-M. Lessard, Canada's Ambassador to Vietnam, company executives, and Canada's former Prime Minister, Jean Chretien, who is serving as a special advisor to Asian Coast Development on the project. The event will be followed by a formal groundbreaking at the site.

"I believe that the Ho Tram project in Ba Ria - Vung Tau will prove to be a huge success and will open up various ongoing opportunities for economic, commercial and investment co-operation between Vietnam and Canada in the years to come", said Prime Minister Nguyen Tan Dung, who met with the ACDL team ahead of the official announcement.

The 169-hectare Ho Tram Strip is being designed by Steelman Partners, one of Las Vegas' premier architectural firms. The complex will be integrated into area's natural surrounding and will be themed around environmental preservation and conservation. When complete, the Ho Tram Strip will include five resorts and an international conference center. The Ho Tram Strip will also provide guests with recreational options such as luxury spas, state-of-the-art performance facilities, upscale retail and a wide selection of gourmet restaurants offering local and international cuisine.

"The proximity to one of the finest unspoiled beaches in the world gives us the opportunity to create something special," said Paul Steelman, founder and Chief Executive Officer of Steelman Partners. "The Ho Tram Strip will combine entertainment, adventure and leisure vacations into one exceptional vacation experience."

Vietnam was identified as one of 53 "hot-spot" tourist destinations in 2008 by the New York Times, with golf cited as a main attraction for international visitors. According to the World Travel and Tourism Council, Vietnam has moved up to fourth from sixth place in its ranking of the world's fastest-growing destinations. Last year it had 4.2 million foreign visitors, 16 percent more than in 2006. International visitors in the first four months of 2008 reached almost 1.7 million, 16 per cent higher than in the same period in 2007.

About Asian Coast Development Canada Ltd.

Asian Coast Development Canada Ltd. (ACDL) is an international development and real estate holding company specializing in integrated resort destinations. ACDL is the lead developer of the Ho Tram Strip, a cluster of integrated resorts to be located in southern Vietnam. With a focus on providing a personalized blend of relaxation and excitement, the Ho Tram Strip will feature something for everyone, from lavish Vegas-style gaming rooms and theatres to acres of premium shopping and exceptional recreational facilities. Phases 1 and 2 of the development, including Vietnam's first Las Vegas-style casino, a 1,100-room five star hotel, a 1,300-room four star hotel and a championship golf course designed by Greg Norman, is scheduled to open in 2011.

Contact Information

  • For more information, project renderings or
    to arrange an interview, please contact:
    Asian Coast Development Ltd. - VIETNAM
    Gavin Davidson
    (416) 999-7138 (mobile)
    Email: gdavidson@asiancoastdevelopment.com
    or
    Pilot PMR - NORTH AMERICA
    Alex Mangiola
    (416) 462-0199 ext. 21
    (416) 460-3575 (mobile)
    Email: alex@pilotpmr.com