Project Ho Coc (Ba Ria – Vung Tau)
The Ba Ria – Vung Tau Provincial People’s Committee has recently issued a document regarding the adjustment of the detailed 1/500 scale planning for the eco-tourism and resort area of Saigon – Ho Coc in Bung Rieng commune, Xuyen Moc district.
Extension of Land Usage
On December 28, 2023, Ba Ria – Vung Tau allowed Saigon – Binh Chau Tourism Joint Stock Company to extend the land usage for an additional 24 months to continue implementing the Saigon – Ho Coc project. This project was approved on June 2, 2009, and granted a land use certificate on February 8, 2010.
If Saigon – Binh Chau fails to utilize the land within the extended period, the government will reclaim the land without compensation, except in cases of force majeure. The land price for calculating the payment will be determined at the time of the decision.
Other Projects
At the end of 2023, another project by Saigon – Binh Chau, the Binh Chau Hot Spring Resort – NovaWorld Ho Tram – Binh Chau Onsen (in Binh Chau commune, Xuyen Moc district, Ba Ria – Vung Tau province), has also been approved for detailed planning adjustment at a 1/500 scale.
After this revision, the total area of the Binh Chau Hot Spring Resort project is 33.27 hectares. The maximum height for mini hotels has been canceled, while the height for resort hotels, villas, combined resort-commercial service areas, and utility service areas remains at 3 to 4 floors. The estimated number of tourists has been adjusted from 2,000 – 4,000 people to 3,200 people.
Investment and Facilities
The project will include a total of 537 three-story tourism and resort service facilities. This includes 285 high-rise resort houses, 52 semi-detached villas (36 newly built, 16 renovated), 87 detached villas (83 newly built, 4 renovated), and 113 combined resort-commercial service units.
The total investment for this adjustment phase is nearly 796 billion VND, of which over 694 billion VND will be allocated for constructing tourism and resort service facilities, and 102 billion VND for technical infrastructure throughout the area.
About the Investor
Saigon – Binh Chau Tourism Joint Stock Company was established in November 1999, with its headquarters located in Xuyen Moc district, Ba Ria – Vung Tau. As of the beginning of 2014, the company had a charter capital of about 250 billion VND, owned by four organizations: Saigon Tourist Corporation (28.18%), Ba Ria – Vung Tau Tourism Joint Stock Company (11.48%), Huy Hoang Construction and Trading Joint Stock Company (7.85%), and Orient Commercial Joint Stock Bank (7.23%), with the remaining 45.26% held by other shareholders.
However, as of June 14, 2021, nearly 65% of the capital in Saigon – Binh Chau is held by Vung Tau Investment (formerly known as Nova Investment) through a company called Vung Tau Beach City.
In June 2021, it was revealed that Novaland Group (stock code: NVL) had completed the acquisition of 65% of the capital in Saigon – Binh Chau through its affiliated company, Vung Tau Investment.
In the annual report of 2022, Novaland’s tourism real estate project portfolio mentioned two projects invested by Saigon – Binh Chau, including NovaWorld Ho Tram – Binh Chau Onsen (33.3 hectares with 568 products) and NovaWorld Ho Tram – Long Island (26.8 hectares, 415 products). Both projects are expected to be handed over in the third quarter of 2024.
As of November 1, 2023, Saigon – Binh Chau has a charter capital of approximately 707 billion VND, with Mr. Le Thanh Liem serving as the Chairman of the Board of Directors and the legal representative. Additionally, Mr. Liem is also the legal representative of 27 other real estate companies, most of which have connections with Novaland.
Note: This article has been rewritten for clarity and readability, while maintaining the original content and tone.