The project to build a luxury resort called Paradise in the southern beach city of Vung Tau has gone off the list of entertainment areas there as provincial authorities have decided to put the foot-dragging property project to an end.
Ba Ria-Vung Tau Province has made the decision after many times extending deadlines to the Vung Tau-Paradise Company to develop the project, said, the director of the provincial Department of Planning and Investment.
In 1991, Vung Tau-Paradise, a joint venture between Vung Tau International Tourism Company and Taiwan’s Paradise Development and Investment, received a 25-year license to develop the Paradise resort. The company had planned to spend US$97 million on the 220-hectare resort on Thuy Van beach of Vung Tau City.
The company has also planned to build many facilities such as a golf source, sea sport and entertainment areas, a hotel of 500 rooms and others.
However, after 17 years, the company has just built some preliminary facilities including the golf course, the sea sport area, and a hotel of 38 rooms, while other key components, especially a big hotel section of 500 rooms and an entertainment park still remained on paper.
The delay was due to financial difficulties on the part of the investor, according to the provincial Department of Planning and Investment.