Hoi An South Development Ltd (HASD), the operator of Vietnam integrated resort Hoiana, has flagged a US$1 billion investment into Phase 2 of the property, starting this year.
The update formed part of social media posts on Monday welcoming new CEO Alan Teo – formerly COO of Philippines resort NUSTAR – to the company.
HASD said that Teo’s appointment was part of its key development strategy, with Phase 2 development set to accelerate in 2025 by way of over US$1 billion of investment across nearly 209 hectares.
This, the company explained, would create an additional 2,500 direct jobs and 5,000 indirect jobs over the next two years, further contributing to the region’s economic and social development.
“I am truly honored to join the exceptional team at Hoiana Resort & Golf as the CEO,” Teo said. “Together, we will embrace innovation, continue delivering cutting-edge solutions to our clients, and explore new opportunities for growth.”
HASD announced late last month that it was now 75% owned by Hong Kong-based investment firm VMS Group, with a subsequent restructuring seeing long-time President and CEO Steve Wolstenholme step down after seven years – replaced as President of HASD by VMS group Chairman and CEO Benny Chong, with Teo named CEO.
VMS Group was part of Hoiana’s original three-way ownership structure that also included Hong Kong-listed Suncity Group and Vietnamese investment management and real estate firm VinaCapital.
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