Danao chairman Barry Israel told the Daily that the American company was planning to develop at least 60 villas for sale and long-term lease at the seaside golf course in the well-known resort town of Phan Thiet in Binh Thuan Province.

The property development and management company will commence construction in the next 30 days on the first two new single family villas and will complete the whole project within two years, he said.

Israel put the construction cost at US$10-15mil for the villas designed for use by one and two families who want to enjoy the quiet environment and international-standard facilities at Ocean Dunes. The villas have a French colonial design, inclusive of a modern layout.

Israel described the villas as the seaside resort choice for tourist groups and families who prefer the seclusion that a multi-room villa can afford.

"When we opened the Novotel a dozen years ago, our hotel rooms and suites met the expectations of Vietnam's pioneering tourists," Israel said. "Today, higher-end travelers want more space, more privacy, more amenities and more luxury."

Danao International Holdings has invested about US$12mil in the four-star Novotel Ocean Dunes Resort & Golf Club, which turned all foreign-owned in 2002.

The company recently obtained a 100% ownership stake in the historic five-star Sofitel Dalat Palace Hotel, the four-star Novotel Dalat Hotel and the Dalat Palace Golf Club in the hilly resort city of Dalat in Lam Dong Province in the Central Highlands.

Israel said Danao International Holdings was constantly being approached about development opportunities throughout Vietnam.

"We are dedicated to see the growth in the region find its way to Vietnam. As such we will continue to review each opportunity presented to us, and expected to be involved in a few deals in the future."

(Source: SGT)