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  1. research007 is offline Senior Park Investigator
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    From vietnamnet.vn



    Tourism real estate developers fall into dilemma - The investors in the tourism real estate sector, who thought to be unhurt by the gloomy real estate market, have also tasted the bitterness of the economic crisis.

    Real estate investors once rushed to pour money into tourism projects, believing that the “early bird can catch the worm.” The investors who come late, would not be able to find the “golden land plots” on advantageous positions, which is a very important factor that makes a project successful.

    However, the investors have been put into dilemma. They cannot arrange capital to continue the projects in the current context of the economic downturn. Meanwhile, even if they can seek capital for the projects,, they are not sure if the works can be put into operation to bring profits in such conditions.
    The latest information released by Khang Thong Group showed that the investor is gathering the strength to develop the project, hoping to put the 50-hectare Vietnamese culture area into operation prior to the 2013 Tet. However, this is just one of the 150 items of the Happyland complex.

    Local newspapers have reported that 60 percent of the works of the item have been fulfilled. Another item, a balloon with the expected diameter of 20 meters capitalized at over one million dollars has been well inflated, which would be into operation soon.

    The works on the 3.7 kilometer embankment adjacent to the Vam Co Tay River, which costs tens of billions of dong, is also nearly completing.

    However, the construction of a lot of other important items of Happyland, including the five star hotel, shopping area, or cinema has not been started yet.

    The main reason behind the slow project implementation is that the investor still cannot arrange capital.
    As for Happyland project, in order to mobilize capital for implementing the other items slated for the first phase of the project, Khang Thong would have to call for foreign investment.

    According to Nguyen Huu Viet, Deputy General Director of Happyland Media, a subsidiary of Khang Thong Group, said three investors from South Korea, Japan and Sweden have expressed their interest in the project. The foreign partners are negotiating the capital contribution to the five-star 1000-room hotel, an item of the project.

    Viet also said that Tran Group, owned by a Viet Kieu in the US, has also shown its interest in Happyland.

    As such, lacking capital has hindered the investors to develop their projects. However, analysts believe that even if they can mobilize capital, they would be facing big difficulties when putting the projects into operation.

    Thibault Paquin, President of the US based Celebrating Life, specializing in designing modern leisure parks, said though the model is very popular in the US and some Asian countries still cannot develop well in Vietnam.

    “Vietnamese people would have to wait some more years to have money to pay 50-100 dollars for the admission tickets,” he said, adding that 90 percent of the leisure parks in China are taking loss, which should be a lesson for Vietnamese investors.
    Source:
    http://english.vietnamnet.vn/fms/business/49378/tourism-real-estate-developers-fall-into-dilemma.html

  2. Anonymous Guest
    MJ’s dad withdraws from $2bn project in Vietnam
    Source: http://www.tuoitrenews.vn/cmlink/tuoitrenews/business/mj-s-dad-withdraws-from-2bn-project-in-vietnam-1.86010

    Joseph Jackson, father of late pop king Michael Jackson, has pulled out of a massive entertainment complex in Vietnam where he signed a deal to be involved in the construction of a major hotel last year.

    His withdrawal from the development of the hotel which is part of the Happy Land project, a Disneyland-inspired amusement park, was posted on his official website in January, and confirmed Wednesday by Phan Thi Phuong Thao, board chairwoman of its developer Khang Thong Group.

    The website said that Jackson decided not to proceed with any further investment or involvement in the project after “careful due diligence and discussions with his wife, family and advisers.”

    He believed in the growth potential of Vietnam and would return to it for new opportunities soon, the website reads.

    Meanwhile, Thao told the Saigon Times Online newspaper that Jackson signed a Memorandum of Understanding with Khang Thong in February last year to advise and help it find investors for the development of a five-star, 1,000-room hotel inside the complex.

    The man has so far recommended two US investors to Khang Thong but no deals have been clinched between them, the chairwoman added.

    An American manager, former boxer and former musician, the 82-year-old man is best known as the father of American entertainers Michael Jackson and Janet Jackson, and the creator and manager of The Jackson 5, a Motown group comprising several of his children.

    Happy Land, developed on a 338ha area in the Mekong Delta province of Long An, is estimated to cost US$2 billion over three years.

    Inspired by the well-known Disneyland Park, the Vietnamese complex will include a theme park that costs $600 million, a 3.7 km boardwalk, a shopping center, 3-5 star hotels, water parks, studios, indoor and outdoor theaters, restaurants, a floating market, and other facilities.

    The project site along the Vam Co Dong River was once meant for a large-scale industrial park but Khang Thong then switched to a tourist construction plan following environmental concerns.

  3. mistervn is offline Newbie
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    Dude, I love that pic!! The first park visitors, lol. I bet they had a group ticket. I see more horns than excavators though, is this a good sign?


  4. ThenTryThis is offline Newbie
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    Pictures of Vietnamese Royal Villas from VIP area, which will later be part of the Cultural Village.

    Pictures from what will be the site for a tethered balloon.

    And finally a picture of the first park visitors!

  5. ThenTryThis is offline Newbie
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  6. thethemeparkguy is offline Senior Park Investigator
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    Thank you for the superb photo report, Paul!

  7. paulvietnam is offline Curious Chap
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    The "Congress" is some building that kind of looks like the house of Congress from the U.S.

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    And here are various shots from around the complex:

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  8. paulvietnam is offline Curious Chap
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    The "Studios" is where they are going to have a Universal Studios-type part of the park

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  9. paulvietnam is offline Curious Chap
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    This building houses these models of the park. The covered cars will be for some type of ride.

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  10. paulvietnam is offline Curious Chap
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    "Vietnam Village" is where they will build some type of village showing some typical parts of life of Vietnam.

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    The "Wine Spirits Building" they say is going to be like a really large liquor store selling all types of wine / liquor, etc.

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    The "London Bridge" is located right where they are building the Tower Bridge that will go accross the water

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