A view of The Grand Ho Tram Strip. (Source: asiancoastdevelopment.com)
The New York-based hedge fund’s new investment is the second commitment
Asian Coast Development Ltd. (ACDL) has received in the past 14 months for project in the southern province of Ba Ria-Vung Tau.
The total investment in Ho Tram Strip
is now approaching $1 billion of the $4.2 billion planned for the 2.2 kilometer beachfront development, ACDL said in a statement filed on its website.
The additional capital is earmarked for several signature projects' development, including of the second tower of The Grand which is currently under way, an extensive residential, additional leisure amenities in and around The Grand, and towards the Ho Tram Open golf tournament, scheduled to take place next month.
ACDL, the parent firm of Ho Tram Project Company Ltd, which is the developer of the Ho Tram Strip, on November 6 announced the appointment of Michael Kelly to the role of executive chairman of the company.