After purchasing a substantial stake in the under-construction Hoiana integrated casino resort in August, Asian junket operator Suncity Group Holdings Limited has now reportedly announced that the first stage of the Vietnamese development is set to open before the end of 2019.

Trio of hotel towers:

According to a Friday report from GGRAsia, the disclosure came from Andrew Lo Kai Bong, Executive Director for the Hong Kong-listed firm, and included a revelation that the initial phase of the $4 billion project is due to include a trio of hotel towers offering some 800 rooms alongside an 18-hole golf course and 270 condominiums branded under the Hoiana Residence moniker.

Condominium sale:

The executive reportedly moreover told GGRAsia that these initial residential units are set to be sold off pre-completion via a two-day auction from Monday targeted primarily at ‘overseas buyers’ with ties to the casino industry as well as ‘some junket entities from Macau’.

Bong reportedly told GGRAsia…

“This kind of deal usually allows you to gain a one-off income but, more importantly, when we sell the units to people from the sector it helps promote the business with our existing clients and partners.”

Growing development:

Suncity Group Holdings Limited now holds a 34% stake in the giant Hoiana development, which is being built in Quang Nam Province near Vietnam’s third-largest city of Da Nang, and the firm reportedly detailed that the finished project is to additionally feature numerous food and beverage outlets alongside multiple water parks, entertainment facilities, more condominiums and a casino with approximately 1,000 slots as well as around 140 gaming tables.

Blown budget:

However, GGRAsia reported that the price tag for completing the first phase of the beachfront resort had ballooned by over 38% to hit $900 million, which means that the cost to finish every one of its seven stages could eventually reach beyond $5.5 billion.

Second stage imminent:

Suncity Group Holdings Limited’s fellow stakeholders in the 2,471-acre Vietnamese project include Hong Kong-headquartered VMS Investment Group Limited and the local branch of global private equity firm VinaCapital Group Limited while Bong reportedly told GGRAsia that work on Hoiana’s second stage is scheduled to begin ‘later this year’.