On 24/5/2019, Lao Cai Province People’s Committee issued Decision no. 1439/QĐ-UBND regarding “Approval of the investor selection result for The New Northeast Sapa Urban project. Accordingly, the consortium consisted of Sapa Lao Cai Development and Investment JSC and Bitexco Group was selected as the investor of the New Northeast Sapa Urban project (the project)
The project has total estimated cost of investment at VND 9,099 billon and was proposed for seeking investors internationally from 29/3/2018 to 02/5/2018. During the proposal process, there was only the consortium consisted of Sapa Lao Cai Development and Investment JSC and Bitexco Group bought the tender proposal and submitted the proposal, made it becoming the only investor to win the tender process as announced by Lao Cai Province Department of Construction. Based on Tender law, since there is only 1 investor won in the proposal process, the project would have its investor through the tender appointment form.
Pursuant to the detailed plan approved by Lao Cai Province People’s Committee on 2016, the new northeast Sapa urban project has 160.38 ha of land area including different functions: the hotel and resort (Ho Spring Resort, Doi Spring Resort Hotel), the mixed use of commercial-hotel-office-apartment building, houses (shop houses, semi-detached villas, detached villas, residential apartments), social housing building, public services building comprised of the cultural-sporty club, medical clinic and education center, Trees and plants and water area, traffic road lines and infrastructure system, etc. The project is expected to provide a resort for approximately 2,500 travelers per night and day as well as accommodation, services, entertainment, education and social infrastructure for roughly 15,000 people.
Bitexco is one of big real estate enterprises pouring investment into Lao Cai province. Since 2011, Bitexco constructed The Manor Lao Cai urban area which was well located on Tran Hung Dao boulevard where considered the gate of access to the administration – political – commercial centre of Lao Cai City with the cost of investment at 1,500 billion VND. Phase 1 of the project was finished in 2017 and Phase 2 is still under implementation process.