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Vietnam invests in real estate project in Cuba   2008-09-22 - TBKTVN

The Housing and Urban Development Corporation (HUD) has signed a memorandum of understanding with Cuba’s Palmares Group on HUD’s investment to build a 36-hole golf course and tourism-service-apartment complex in Colodera Bauta.


The project is expected to cover an area of 300-400 ha, including a 180 ha lake.


A resort in Cuba
A joint venture will be established to run the project, in which the Vietnamese and Cuban sides each hold 50% of chartered capital for 50 years. Cuba’s Palmares will hire consultants to assess the value of the land plot, which will be considered its capital contribution.


Palmares is a big group comprising 18 companies running restaurants, entertainment venues and golf courses with 1,000 business points.


The Vietnamese side has also negotiated with Palmares about a second golf course in Cabodela (Varadero, Matansaz).


Besides the cooperation with Palmares, HUD has also talked with Cubanacan, the leading tourism group in Cuba, about investment in a five-star hotel with 800 rooms which is expected to be located on a 9.22 ha land plot in Santa Lucia (Camaguey). The land plot is located next to a hotel run by Barcelo group Ignacio Agrimante.


According to Melia las Americas’ General Director René, Santa Lucia is an attractive place with beautiful beaches, while there are still few hotels here. The place is relatively far from Havana, but this is not a problem as tourists like tours to new places. In addition, Santa Lucia is located near Ignacio Agrimante international airport.


HUD has also worked with Gran Caribe about the upgrading of the Capri Hotel in Havana. In this case, with the two countries’ special relationship, Cuban ministries will seek permission to allow the Vietnamese side to make investment in the project with the Vietnamese side’s expected capital ratio of 20%.


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