A SINGAPORE company is poised to start construction of a giant coastal resort in China.
The Sun Bay Tourist Resort in Zhejiang province will cost 14.5 billion yuan (S$2.95 billion) to construct, and covers an area of 21.7 sq km – more than four times Sentosa’s 5 sq km.
Located in the city of Fenghua, the high-end vacation resort will be completed in 2018 and, according to Chinese media, is likely to be the costliest project of its kind in China.
Sun & Sun Capital Holdings, part of Singapore’s Sun & Sun Group, founded in 1980 by current group chairman David Wang Xin, has been appointed the master developer of the resort.
It is looking for additional investors to share in the development of the project, Mr Wang told The Straits Times yesterday, and will manage the steep costs involved by completing the resort in four phases.
The first phase, financed with internal funds and money from other investors, will include the construction of bungalows and other residences that will be sold to release funds to finance the next phase of the project.
The company will also farm out the development of 30 to 40 sub-projects, including hotels, to companies from China and Singapore.
‘There is a huge demand for this sort of resort in China,’ Mr Wang said in a telephone interview from China.
He said the Sun Bay resort will be the largest seaside resort in the Yangtze delta area, which takes in Shanghai, Jiangsu and Zhejiang.
‘We have been looking for a location for this resort for six years,’ added China-born Mr Wang, who is now a Singapore permanent resident.
‘In Shanghai, there is no space for a resort of this magnitude. Jiangsu is also not so suitable for this resort. Only this particular area is a suitable environment.’
Sun & Sun signed a formal agreement with local government to build the resort in July 2008, and carried out the ground-breaking earlier this month.
According to the website of the China International Investment Promotion Platform, the Sun Bay project is designed to be a leisure and recreational base of international standing.
It will make use of the area’s natural resources – islands, ecological coasts, wetlands, mountains and seascapes – to create a destination for tourism, entertainment, conferences and exhibitions.
Mr Wang said the integrated resort will offer a range of facilities to visitors such as golf courses, marinas, horse racing tracks, residences and hotels.
Sun & Sun Group is an investment group with 20 subsidiaries and associate companies around the world. Although it is headquartered in Singapore, most of its investments are in China.
The group is involved in various industries, including infrastructure, media, property development and mining, and provides financial management and business consultation services.
Source: Straits Times, 19 Jan 2010
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