New City Properties Development Co. Ltd. of Brunei was granted an investment licence for the construction of a resort complex in central Phu Yen province on September 11.

The firm will invest over 1 billion USD in the 357.52ha complex, called NewCity Vietnam in An My and An Chan communes, Tuy An district.

The eight-year project is split into three phases, with the first commencing in 2014-2015 to clear the plot of land and build supermarkets and services.

The second phase will run from 2016 to 2019, with the construction of golf courses, hotels, resorts, a water park, a conference centre, and offices, while the final phase will run in 2020 to make finishing touches.

In the ceremony, Lee Jung Jun, Chairman of the Company’s Board of Directors spoke highly of Phu Yen’s tourism potential, adding that the company aimed to enhance it even further by making the NewCity Vietnam complex a popular destination for international tourists.

Vice Chairman of the Provincial People’s Committee Tran Quang Nhat called on local authorities to facilitate the smooth implementation of the investment project.

The complex is expected to become fully operational in 2021.-VNA