Vietnam’s Vingroup to build Sydney hotel
by Leon Gettler
In the first move by a Vietnamese developer into Sydney’s CBD, Vietnam’s giant realty developer Vingroup has spent $22.5 billion for a major Sydney CBD site, planning to turn it into a hotel complex.
Vingroup bought the Alfasi site fronting 183-185 Clarence Street in Sydney, negotiating the deal through a special purpose vehicle in Hong Kong.
The proposed plan for the 1030 square metre parcel of land is to build a 172 room hotel, although there has been no development approval so far.
Alternatively, the property has mixed use potential which would include a hotel.
Sitting near Barangaroo and the International Convention Centre, the site was formerly an Augrid substation.
Listed late last year, it sold quickly because of the shortage of new hotel accommodation in Sydney and the low Australian dollar.
Vingroup has had a number of development projects including 5-star hotels, resorts, beach villas, amusement and theme parks, golf courses, and supermarkets. These include resorts in Nha Trang Bay including one with 483 rooms and 168 villas, and the 200 room Vinpearl Premium Da Nang in Central Vietnam.
The company also manages shopping malls, offices, luxury apartments, and commercial centres.
Vingroup is run by Vietnam's only billionaire Pham Nhat Vuong who, according to Forbes, is worth $US1.82 billion. He started out in the food business as a maker of instant noodles before plunging into real estate in 2001.
16th February 2016
