Hot on the heels of its newly opened Phu Quoc safari zoo, Vingroup has set its sights on another ambitious project to develop its first-ever foreign hotel.
The multi-billion-dollar property giant, responsible for Vinpearls in both Nha Trang and Phu Quoc as well as large-scale development projects such as Binh Thanh District's Central Park, recently purchased a 1,030-square-meter plot of land in the Australian metropolis for AU$22.5 million (US$16.1 million), reports The Australian.
The property at 183-185 Clarence Street will be Vingroup's first-ever foreign endeavor and is expected to become a 172-room hotel, though the company's development has yet to be approved.
The move comes at a time when the Australian dollar is low, and outside buyers are keen to invest in tourism in the country. According to the Australian, the property was only on the market a few weeks before Vingroup snapped it up. Prior to the sale, 183-185 Clarence Street was home to an Ausgrid substation.
[Photo via Christopher Chan]
