Gia Lai Province (Central Vietnam) issued permits to Arque Degi JSC on November 28 for the implementation of three large-scale projects involving "floating" cities and tourist zones. The total investment is estimated at 8.5 trillion VND (approximately $322 million USD), reports the Vietnam News Agency.
These projects are expected to be an important step in the region's development and will help the province gain a place among popular luxury destinations.
The plans include the creation of floating hotels and villas, hillside hotels, mountain residences, a superyacht marina, a golf course, urban blocks, resort villages, public tourist areas, and a separate premium cluster – the "Billionaires' Island".
According to the approved plan, Arque Degi is the sole investor and will have the right to operate the facilities for 50 years. Authorities expect that the initiative will contribute to the development of urban infrastructure, marine ecotourism, and will also become a new driver of economic activity in the southeastern part of the province.