Covering an area of around 30ha in Bai Dai Beach, central Khanh Hoa Province's Cam Ranh City, close to the Cam Ranh Airport, Alma will feature 200 villas and 400 apartments, together with restaurants, bars, shops and other amenities.— File Photo

KHANH HOA (Biz Hub) — Paradise Bay Resort Company Limited will pour a total of US$300 million into Alma resort project – the first of its kind to develop the "holiday ownership" concept in Viet Nam.

Covering an area of around 30ha in Bai Dai Beach, central Khanh Hoa Province's Cam Ranh City, close to the Cam Ranh Airport, Alma will feature 200 villas and 400 apartments, together with restaurants, bars, shops and other amenities.

The resort, backed by Blenheim Group, will be capable of facilitating around 30,000 holiday visits per year.

According to Brian Martin, General Director of Alma, the concept of "holiday ownership" – which would help luxury holiday become affordable and accessible – was new in Viet Nam, but not to the rest of the world.

"Simply by sharing the costs of the holiday home with others – and using it only for the time you actually need (one to three weeks each year), the luxury holiday will become affordable, accessible and financially sensible for those who cannot afford a second home."

He cited that there were over 5,300 holiday ownership resorts around the world with a total of 497,000 accommodation units and around 20 million owner households.

Brian said Alma aimed to treasure family values by offering the whole family an annual holiday of one to three-week stay at the resort for 50 years at an estimated cost of around $10,000.

In addition, buyers can exchange their holiday ownership with others in the global network of holiday ownership resorts, to enjoy holidays abroad without paying any additional charges for accommodation.

Alma's president, David Leibel, said holiday ownership would be sold for up to a three-week maximum stay to prevent speculative buying.

Alma had its 1:500 scale plan recently approved and is expected to start construction at the beginning of next year, ready for guests to use by 2018. — VNS