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SINGAPORE : Luxury resorts operator Banyan Tree is planning to bump up its investment in a beachfront resort in Vietnam.
It is planning to spend about US$900 million, more than three times its original investment of US$270 million.
Banyan Tree is expanding the project to include more resorts on an expanded site of 300 hectares.
The development in the central Vietnamese city of Danang will be its first in the country.
It will comprise seven resort properties, two spas, an 18-hole golf course, and facilities for the meetings, incentives, conventions and exhibitions industry.
The project will also include 1,000 residential villas and apartments for sale.
Funding for the project will come from bank debts and proceeds from property sales.
There will also be equity to be injected from a new private equity fund to be set up and managed by Banyan Tree.
The SGX-listed company said its executives were in Vietnam earlier this month to present its development master plan for the site.
The project, to be called Laguna Vietnam, will be the country's first integrated resort development. - CNA /ls
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