PEGASUS Investment and Consultancy JSC and Banyan Tree Hotels and Resorts have signed a hotel-management agreement to operate Dhawa Quy Nhon Vietnam, an eco-resort, upon its completion, expected in 2023.
Ho Kwon Ping, executive chairman of Banyan Tree Holdings, said: "As the world tourism gradually rebounds, this signing marks Banyan Tree Group's continued growth and our second Dhawa resort signed in Vietnam.
"The Vietnam economy has proven its resilience in the face of Covid-19. This strategic partnership highlights the like-minded collaboration and entrepreneurship of two home-grown brands with strong overseas footprints. We are excited to be working alongside our fellow Singaporean company - Pegasus, on their mixed education tourism development."
With an estimated total investment value of S$100 million, Dhawa Quy Nhon Vietnam is the second phase of Pegasus Education Tourism Development. The development's first phase kicked off with the opening of Outward Bound Vietnam (OBV) in 2016; its third phase will comprise eco-residences.
Pegasus chairman Ricky Tan said: "With Covid-19 vaccination programmes underway globally and in Vietnam, we believe Dhawa Quy Nhon Vietnam will benefit from the pent-up demand of leisure travel, especially in nature-based resort environments, when borders reopen and domestic tourism recovers.
"We are optimistic about the strength of the economy in Vietnam and long-term prospects of the tourism sector in Vietnam."
Dhawa Quy Nhon Vietnam sits on 10.5 hectares of land and sits on tiered platforms that step down towards the seafront. It will have 240 rooms when completed.