Los Angeles Investor Partners With Vietnam Developer to Build $258M Resort at Da Lat City
(LOS ANGELES, FRANKFURT and HANOI) -- Talk about big international deals: This one is at the top of the list.
Los Angeles, CA-based PHIGroup, Inc. (OTC Bulletin Board: PHIE; Frankfurt Stock Exchange: PR7, WKN 935160), through its wholly-owned subsidiary PHI Vietnam Ltd., says it has signed a contract with the Linh Thanh Group of Vietnam to arrange funding for a $257.8 million resort development planned by Camly Mangling Co. Ltd. in Da Lat City, Lam Dong Province, Vietnam.
An undetermined amount of capital also has to be found for the 546 acres that will house the project.
Da Lat, known as the City of Eternal Spring or the City of Love, is considered one of Vietnam's best-known vacation destinations.
To find the construction funding, PHIGroup will work with international institutional and individual investors. PHIGroup's compensation will be a 15% equity in the project.
Camly Mangling's development plan includes a residential cluster (mansions, villas and bungalows), a hotel cluster (a boutique hotel, a three star hotel and a five star hotel), and public facilities such as green space, golf driving range, glass house arboretum, private clubhouse, wedding chapel, conference complex and other luxury amenities.
Tai Vo, Managing Director of PHI Vietnam, says his company is "delighted to help secure the investors for this venture, and look forward to assisting Thanh Linh Group's subsidiary, Camly Mangling, with this important project."
In a press release earlier this month, PHIGroup Chairman and CEO, Henry Fahman said his group always seeks opportunities like this one with the Thanh Linh Group.
Commenting on the successful listings of Cavico Corp. (NASDAQ:CAVO) on the Nasdaq Capital Market in the U.S., and Philand Ranch Ltd. (Frankfurt:1P8) on the Frankfurt Stock Exchange, Fahman says, "These listings pave the way for other Vietnamese companies to access U.S. and international capital resources, thanks to ease of access and potential improved liquidity through the world's largest exchange-trading markets."
PHIGroup develops real estate and natural resources, provides M&A advisory and consulting services and invests in special situations.
Fahman says, "Our company, which enables other companies to go public and raise capital, is developing PHILand Ranch, one of the largest master planned communities in Vietnam. This project will include Pointe 91, and will be a luxury resort and premium residential community in Quang Nam province, central Vietnam.
The company also owns mining interest in Southeast Asia and Haiti (PHIMining Group, Inc. (OTC: PHIG).