The Crystal Holidays Marina Phu Yen resort in Phu Yen Province. — Photo constructionplusasia.com

The central province of Phu Yen is emerging as an attractive market for real estate investment, especially in large-scale hospitality projects.

Early last month Indochina Kajima, a joint venture between local property developer Indochina Capital and Kajima Corporation, a Japanese general contractor and property developer, completed the process of buying and restarting a US$1 billion resort real estate project at Bai Nom to be managed by world-famous brand Four Seasons.

Peter Ryder, general director of Indochina Capital, said it would be an iconic tourism project, one that would contribute to the development of Phu Yen into a world-class resort "paradise."

“We believe that, inspired by beautiful nature, this project will be recognised world-wide with many prestigious awards.”

Also in April the province saw the start of the construction of two luxury resorts, Xuan Dai Bay and Crystal Holidays Marina Phu Yen in Xuan Dai ward, Song Cau town.

Built by Everland Group at a cost of VND2.2 trillion ($95.1 million), they will provide nearly 1,000 hotel rooms and 200 villas to the hospitality market.

In recent years the province has promoted investment in infrastructure and tourism. The Tuy Hoa Airport has been upgraded and expanded to handle five million passengers a year and wide-bodied aircraft.

Last year the province attracted investment of VND8.8 trillion ($383.7 million) in 43 new projects. – VNS