Suncity gets shareholder nod for Hoi An acquisition

Suncity Group Holdings has received shareholder approval for its acquisition of a 34 percent stake in the US$4 billion integrated resort project located in Hoi An, Vietnam.

The acquisition was duly passed by independent shareholders by way of poll at the EGM held on November 21, 2017, with all votes cast in favor of the acquisition.

The Hoi An project will consist of seven phases to be developed over a span of 13 years, which includes tourism areas, an integrated resort complex and residential areas.

Phase 1 will consist of a world-class casino with a total of 140 gaming tables and 1,000 slot machines, an ultra-luxury Rosewood Hotels & Resorts, a 445-room hotel and 200 buy-to-let condos; and a championship golf course-country club by Robert Trent Jones II.

It will also include recreational facilities including a beach club and entertainment venue for live shows and events, watersports and dive centre, and a promenade packed with bars and restaurants and is expected to commence operations by the second quarter of 2019.

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