Dubai-based Limitless can now legally move forward with infrastructure work on its Halong Star development in Vietnam after receiving an investment certificate from the local authorities.
Limitless is part of the joint venture developing the project, and the certificate, granted by the Quang Ninh state authority, allows it to start work on infrastructure one the land lease has been obtained later this year.
Halong Stars masterplan includes homes, retail facilities and a hotel, all overlooking the UNESCO World Heritage Site of Halong Bay on Vietnams northeast coast.
Limitless first broke ground on the project in 2007. It was then stalled due to the global financial crisis.
The original plans included a 250-room, five-star hotel with 500-seater conference hall; a 100-room boutique hotel with its own spa and wellness centre; 36 high-end serviced villas, 190 villas; 85 townhouses; 114 apartments; retail and commercial space; a cultural arts village; and a commercial hospitality school.
UAE-based developers are planning to move forward with new international projects again. The most significant planned by a new Abu Dhabi-based developer known as Eagle Hills, headed by Emaar Properties chairman Mohamed Alabbar.
In late June, Alabbar was in Nigeria to launch Eagle Hills Centenary City development in Abuja, which will reportedly require $18.6bn of investment.
The sprawling scheme in the Nigerian capital includes a new financial centre, 256 apartment buildings, 260 villas, a luxury hotel and resort, five retail centres including the Nigeria Mall, a golf course, a heritage park, an opera house, the Museum of African Arts, an amusement park and a 5.5-kilometre-long Formula 1 standard race track.
The project follows the announcement of another major scheme planned by Eagle Hills in Serbia, which is reportedly expected to cost $5.4bn to develop.
The Belgrade Waterfront project will be built on the banks of the Sava River. It will include the tallest tower in the Balkans region, Kula Belgrade kula means tower in Serbian and the regions largest shopping centre, Belgrade Mall.
Other elements include a commercial centre, waterfront residential towers, eight hotels and Belgrade Park.