(DUBAI) Dubai will develop a US$220 million property in Vietnam, building hotels and luxury apartments near the beaches and limestone mountains of Halong Bay, government-owned developer Limitless said here yesterday.
Limitless is part of the conglomerate that is building three palm-tree-shaped islands and an archipelago the resembles a map of the world off the coast of Dubai through its Nakheel unit.
The Halong Star development will include a 250-room hotel, the first five-star property in an area designated a World Heritage site by the United Nations, Limitless said in a statement.
The development is the company’s first in Southeast Asia, and Limitless is planning several projects in the region, it said, without giving details.
Gulf Arab property developers are turning increasingly to Asia to tap the region’s fast-growing tourism and housing markets.
Source: Reuters (Business Times 6 Sept 07)