Limitless inks government deal for Vietnam project
Company signs MoU with Quang Ninh province to move forward Halong Star
Dubai developer Limitless has signed a Menorandum of Understanding with the Vietnamese Government to pursue its mixed-use project overlooking the Halong Bay UNESCO World Heritage site.
The agreement was signed by Limitless chairman Ali Rashid Lootah and Pharm Minh Chinh, who is a senior official from the country's Quang Ninh Province.
A Limitless spokesman said the agreement provided another step forwards towards the project being built.
Halong Star is a mixed-use, tourist-led development containing hotels, a hospitality school, a cultural arts village and up to 4,000 residents and guests. THe first phase of the project involves building residential units.
The company first announced plans to build a $220m resort back in 2007, but when the financial crisis hit the company, which was in the midst of a number of projects in the UAE, Vietnam, Russia Saudi Arabia and Jordan, was saddled with a $1.2bn debt.
However, after concluding restructuring talks in October last year, Lootah said the company had "no excuse not to go forward and start implementing our plans.
Last month, it signed a deal with investor Sovico Holdings to form a joint venture to build the scheme. Sovico has interests in the property, finance and air transport sectors.