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New Joint Venture Pursues Resort Real Estate Opportunity in Quy Nhon, Vietnam
John Hendry of John A. Hendry Real Estate Consulting and Philip Giang of PGiang & Partners, LLC announce a new Joint Venture partnership, PacificXanh. The JV's first project is a resort real estate opportunity near Quy Nhon, Vietnam.
By: John Hendry
Hendry and Giang first met when working on the St Joe Company's WindMark Beach resort project in Northwest Florida. They subsequently founded their own companies and decided to establish the PacificXanh joint venture after visiting Vietnam earlier this year.
Said Hendry; "Philip was born in Vietnam and has many friends and business connections there. He first visited Quy Nhon at the end of last year and was impressed by the city, the people and its beautiful setting. He called me and quickly convinced me that I needed to see for myself some of the opportunities that are emerging."
Quy Nhon is a coastal city less than a hour's flight from Hanoi and a 45-minute flight from Ho Chi Minh City and is the gateway to Vietnam's Central Highlands. It has a population of over 250,000 people and in March this year the national government designated it a 'Class One City'.
"When I first saw the deserted beaches just a short drive from Quy Nhon, they reminded me of WindMark Beach with its natural setting overlooking an aquatic preserve." said Philip Giang." Here was an opportunity to apply many of the things I learned as a designer at WindMark Beach. I knew that John was busy in Vancouver but that he would be as excited as me when he experienced what I saw"
Hendry and Giang met with the Binh Dinh Provincial People's Committee when they visited Quy Nhon in March this year and, since then, have been invited by the Committee to prepare a master plan for over 200 hectares of land located on a beach a short drive from the city.
"Vietnam has one of the fastest growing economies in the world." Hendry points out " Its national and provincial governments are ambitious and are actively encouraging tourism by investing in improved infrastructure. The challenge for the country will be to ensure that this growth and investment produces sustainable real estate development of the highest standards. One of the key objectives of PacificXanh is to deliver projects that help raise development standards to another level"
PacificXanh's partners have forged several alliances with local investors, architects and development professionals. Philip Giang comments "We know that, for our first project to be a success, it must be rooted firmly in the local community and its culture. We have seen too many proposed developments in Vietnam that have absolutely no relationship to the place in which they are located. We don't believe that kind of approach can be successful or sustainable in the long-term".
PacificXanh (visit http://www.pacificxanh.com for details) is a partnership of PGiang & Partners, LLC, based in New York and John A. Hendry Real Estate Consulting of Vancouver, Canada (visit http://www.johnahendry.com for details) .
John Hendry has over 20 years of experience in the real estate development industry in the UK, the United States and Canada. He spent 9 years at the St Joe Company, Florida's largest developer of private land, and, more recently was Vice President Real Estate for TimberWest in Vancouver, Canada.
Philip Giang is an Urban Designer and has worked on a number of prestigious projects including Celebration, WindMark Beach and WaterColor, all in Florida, Tuxedo Reserve, New York and Troitsk Village in Moscow. He was with Cooper, Robertson & Partners for over 11 years before founding PGiang & Partners in 2009.