Vietnamese investor jumps in tourist real estate in Cuba

VGP – The Housing and Urban Development Corporation (HUD), a Vietnamese leading company operating in housing and urban area investment, has inked some tourism projects with Cuba’s Palmares and Cubanacan.

September 23, 2008 4:14 PM GMT+7

A resort in Cuba - Illustration photo

Under the memorandum penned with Palmares, a group with 18 subsidiaries operating in restaurants, entertainment, golf courses, HUD will pour money in a 300-400 ha area with a 36-hole golf course, resort, services and housing in Colodera, Bauta.
The project will be carried out in the form of a 50-50 joint-venture company for half a century.

HUD is also negotiating with Palmares to build the second golf course in Cabodela (Varadero, Matansaz).
Besides Palmares, HUD has sent word to Cubanacan, Cuban top tourism group, intimating that the Corporation is willing to jointly build a five-star hotel with 800 rooms in a 9.22 ha land lot in Santa Lucia coast (Camaguey).

It is expected that HUD's investment projects will open new paths for the Vietnamese-Cuban partnership in real estate.

By Kim Loan