$600mil for Cat Ba tourism complex

This is expected to be a big complex on the Cat Ba archipelago off the coast of Hai Phong city. The value of the project may reach $600mil, and once operational, it will be the biggest modern ecological tourism area.
The Cai Gia-Cat Ba urban-tourism area is designed to cover an area of 72 ha, 25% of which is mountains and waterways, and will include villas with modern facilities, four- and five-star hotels, entertainment areas on land, on the water and underwater. There will also be areas specifically designed for international conferences, marinas, trading and shopping centres.
The project will be carried out in two phases. In the first phase, a resort will be built; it is estimated to cost $300mil.
 Tran Ngoc Quang, Director of the Cai Gia Cat Ba project management board under Vinaconex, said that the corporation was discussing contacts with domestic and foreign investors in order to select suitable investors. Mr Quang said that the projectttts items would be implemented under many forms of investment: joint names, joint ventures, BT (build – transfer), BOT (Built operation transfer), or 100% foreign invested.
Mr Quang said that the preparatory works for the project had been nearly completed, including the site clearance. Vinaconex has begun the first phase of the project, including construction of villa area No 4, the sports area and Tung Thu 2 seaside resort on an area of 10ha.