Developers rush to build Highlands resorts

Foreign and domestic developers are rushing to build new tourism resorts in the Central Highland province of Lam Dong, especially in Da Lat City, after realising the huge potential of its tourism real-estate sector.
From 2003-06, Lam Dong attracted 240 tourism projects worth VND63 trillion (US$3.4 billion). Most were centred around Da Lat City, according to the provincial Department of Culture, Sports and Tourism's Tourism Management Division.
Ninety one of the total projects, capitalised at more than VND37 trillion ($2 billion), have received in principle approval from the provincial People's Committee.
The remainder, valued at above VND25 trillion ($1.35 billion), have been licensed or are being processed.
Da Lat City's Tuyen Lam Lake Tourist Zone alone is home to 32 tourism projects worth VND7 trillion ($378 million). The projects, which have been allowed in principle, cover a total area of 1,435ha, said the director of the zone authority, Nguyen Xuan Thanh.
He said 22 projects, including the $120 million Sacom Resort backed by the Cables and Telecommunication Materials Corp and two other resorts financed by Sao Da Lat Joint Stock Co and Sai Gon-Lam Dong Co, were now under construction.
Lam Dong Province has issued a call for investment in 24 projects worth US$1.87 billion, 14 of them in the trade and tourism sector.
Ngo Xuan Minh, deputy director of Lam Dong Tourism, Trade and Investment Promotion Centre, said the province would focus on promoting eco-tourism, and holding meeting-incentive-convention-event (MICE) tours.