Limitless signs deal to develop Vietnam project
New investor Sovico to partner on project overlooking Halong Bay
Dubai developer Limitless has signed a deal with a joint venture partner to build its mixed-use Halong Star project in Vietnam.
The project, at Halong Bay two hours north of Hanoi, is a mixed-use project scheme containing homes, retail units and hotels overlooking Halong Bay, which is a UNESCO World Heritage site made up of thousands of small limestone islands.
A groundbreaking ceremony took place at the scheme back in December 2007 with previous investors, but the project was never built and Limitless has since been through its own troubles, concluding with a restructuring of its $1.2bn of debts in October 2012.
The new partnership agreement is with Sovico Holdings, which has companies involved in the real estate, finance and air transport industries. Subsidiaries include Vietjet and HD Bank.
A signing ceremony marking the deal has just taken place between Sovico CEO Chu Vet Cuong and Limitless managing director Ibrahim al Fardan.
Al Fardan said: “We are moving forward with our project in Vietnam. Halong Star is key to Limitless’ portfolio, and we are delighted to partner with Sovico Holdings – a high-profile and trusted name in Vietnam and south-east Asia – in order to turn the project from a vision into a reality.”