Limitless signs with a new partner to build Vietnam project

Limitless, a wholly owned Dubai government company, has signed a new joint venture agreement for the construction of Halong Star, its mixed-use residential and tourism project in Vietnam.

The developer has partnered with Hanoi-based Sovico Holdings to develop the project, which includes homes, retail facilities and a hotel, all overlooking the UNESCO world heritage site of Halong Bay on Vietnam’s north-east coast.

The agreement was signed in Ho Chi Minh City by Ibrahim Al Fardan, Managing Director of Limitless and Chu Viet Cuong, Chief Executive Officer, Sovico Holdings, whose business interests include finance, real estate and air transport.

Ibrahim Al Fardan, Managing Director of Limitless, said: “We are moving forward with our project in Vietnam. Halong Star is key to Limitless’ portfolio, and we are delighted to partner with Sovico Holdings in order to turn the project from a vision into a reality.”

Sovico Holdings will now, on behalf of the joint venture, complete the necessary formalities in order for the project to get underway.
In 2007, Limitless broke ground on the $220-million Halong Star project. It had partnered with Vietnamese companies Phuong Hung Joint Stock Company, and International Property Investment Partners to develop the project, which was spread across 125 hectares of land.

The mixed-use project was to have a 250-room five-star hotel, a 100-room luxury boutique hotel, 36 high-end serviced villas, 190 top-end villas, 85 luxury townhouses, 114 apartments, retail and commercial space, cultural arts village and commercial hospitality school.

No details were given on whether the project was still going to be on the large scale as planned earlier.