Singapore company to develop five-star hotel in Vietnam

Singapore - Vita Holdings plans to develop a 41.5-million-US-dollar hotel in Vietnam in its first large-scale property project outside Singapore, the company said Friday. Construction of the 350-room hotel in Hanoi was expected to begin in early 2008 and be completed before 2010. The company is taking a 65-per-cent stake while its Vietnamese partner, Dai Viet Trading Co, is to hold the remaining 35 per cent. Vita was expected to inject 17 million US dollars in the five-star hotel. Its partner is to contribute the land lease. Vita has been trying to divest its shipping assets and move into the property business, chief executive Loo Woei Harng told Singapore's Business Times. 'Shipping is a volatile business,' he was quoted as saying. 'We think that in the long-term, property is a more stable business.' The company is converting a former primary school into a high-end boutique hotel in Singapore and seeking more opportunities in South-East Asia. © 2007 dpa - Deutsche Presse-Agentur

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