A developer is betting big on the idea of building a “carpet house” in South East Asia, and it’s all due to the internet.
The firm behind MyPhuec, Binh Duongs Land in Myphuoc is hoping to raise $300m from investors in what is being billed as a “world-class development”.
MyPhuesa is an ambitious project that includes a luxury hotel, a mixed-use development, and the construction of a new hotel, office, and residential complex.
The company’s project will be built in a new city of around 4 million people, and is intended to be “world class” with a “top-tier” property.
It is being touted as a way for BinhDuongs to attract investment and boost the local economy, which is currently reeling from the devastating typhoon that has battered the region.
The idea is to attract people from abroad who would normally have been staying at the local hotel and restaurants, and make them feel more at home in the area, which would be a big boon for the local residents.
It also allows Binhduongs to “break the cycle of the region’s poverty” and make money “from local projects”.
The development will take over 20 years to build, and Binhdeos plan is to have the hotel, residential, and office complex complete by 2020.
The project, however, has been controversial, as some have questioned the cost of the project, claiming it is too expensive.
Many have questioned whether BinhDeo should invest money on the project since the company itself has no financial backing.
Others have questioned if Binh Deo will make a profit, or whether Binhoan is merely playing the local Chinese market for the publicity.
So how will BinhDucs profits be made?
Binh deos investment is likely to come from the sale of the hotel and residential development, which could be done through a “strategic partnership”.
The developer is planning to take in between $500,000 and $1 million per project, depending on the size of the complex.
However, Binhoans current stock price has been on the rise recently, and investors are worried about the future of the business.
If investors don’t see profit coming from the project soon, they could lose money.
Binhos CEO, Bin Hoan, has previously said the company was going to sell off its stake in MyMPhuOc.
It remains unclear what the company plans to do with the money it will make from the investment.
What are Binhducs other projects?
The developer’s main focus is the construction and renovation of a residential complex on the site of a former factory, and a mixed use development, according to the Binhucs website.
It plans to create a high-end hotel, restaurant, shopping mall, shopping centre, and apartments, as well as the construction, maintenance, and renovation “of new roads, bridges, and schools, along with the building of a bridge connecting the industrial zone to the city center”.
It has been announced that the development is expected to open in the first quarter of 2021.
BinHuesa has also been working on a new “high-speed rail” line, but the project is currently stalled.
How is Binhluis business model going?
The company has already built a number of “worlds-class” hotels in Southeast Asia, but none has been constructed in the region that is home to the countrys most populous city, Ho Chi Minh City.
Binhuis management has been focusing on improving the local environment, building new residential buildings and shopping centres, and “bringing high-speed train service to Vietnam”, according to its website.
This has resulted in BinhLuis business becoming more “proactive” and “business friendly”.
The company is also working on “highspeed rail projects in Vietnam”, but the projects have been put on hold due to a lack of funds.
In a statement BinhHuesas CEO, Hien Binh, said: “Our project is not a new idea.
Our project has already proven to be a success and BinHuec has received the support of local government and the local population.
We are looking forward to the completion of the projects.
We have received good support from the Vietnamese government and local community.”
But if the BinHucs plans go ahead, Binhuas development could be an embarrassment to the state.
It will be one of the few projects that has been stalled by local politicians, who say the BinHoans “high speed rail project is too costly”, as they have no money to fund it.
Meanwhile, BinHus management has said it will continue to work on the “business plan” of the MyPhUoOc project.
In the future, BinHous management will also be able