Phu Quoc is an ideal destination for domestic and international real estate investors alike. However, not all businesses can enjoy success without certain advantages in terms of location, project design or a collaboration deal with global partners.
In fact, there have been many investors who sunk money into Phu Quoc. Yet some have enjoyed success despite being newcomers into the market. The story of MIK Group story is an example.
Putting trust in the right hands
At a recent investment promotion conference in Kien Giang province, Prime Minister Nguyen Xuan Phuc requested that Ngoc Island be turned into a world-class resort and entertainment island. The Prime Minister noted that Phu Quoc - Kien Giang tourism has reached an international level. Phu Quoc has been voted as one of the 19 best destinations in Asia 2019, the top 5 destinations for autumn in Asia - Pacific.
Tourism in Ngoc Island has made an impressive leap forward. The growth rate from 2015 to 2018 reached 141%, while Danang – the tourism capital of Vietnam – grew merely 65%. The number of international visitors to Phu Quoc has been keeping a steady growth. During the first 7 months of this year, there were 450,000 international visitors to Ngoc Island - an increase of 56% year-over-year, bringing in revenue of VND 4,800 billion.
The question is how to become a successful investor in Ngoc Island against the context of quite a few real estate heavyweights have occupied the island with a number of projects of different scales. The CEO of a luxury hotel group analyzed that the discerning customers would naturally stay in 5-star hotels yet making them feel satisfied is not going to be easy. Luxurious bathrooms, famous chefs, cutting-edge technologies, etc., are now considered checklist items.
The above expert emphasized that in order to attract high net-worth individuals and keep them satisfied, the resorts must carry distinctive marks.
Such customers are always willing to pay for freshness and the “cool” factor. Renowned resorts such as Keemala Thailand, The Muraka are "must-go" destinations for tourists because they offer a unique experience.
In Vietnam, connoisseurs see Phu Quoc as something that cannot be missed. However, Phu Quoc has an abundant stock of upscale resorts; it is not difficult to find a villa, either, provided one has the means.
A professional investor once pointed out: as of now, when choosing real estate projects, besides location, design, pricing, etc., the prestige of the project developer is playing an increasingly important role in customer decision making. The reason is, once investing in products by reputable developers, customers may mitigate risks such as construction works being stopped due to a lack of capital, poor service, and on top of those, the developer’s weak reputation may affect liquidity later on.
MIK Group – the catalyst for value creation
Although being relatively young to the Vietnamese real estate market, MIK Group made its name on the market against the background of strong financials, guaranteed construction progress, clear legality and its experience in completing comprehensive development projects.
Devoted to making Mövenpick Resort Waverly Phu Quoc a symbol of Vietnamese and international resorts, MIK Group has selected experienced partners to participate in project development from the first day.
MIK Group has shown its prudence and selectivity throughout the process of procuring architects, construction contractors and management company. Baumschlager Eberle Architects – a high-profile architecture consulting firm with eleven independent branches in Europe and Asia broke the mold of traditional luxury-focused projects with the philosophy of "elegance comes from simplicity and sophistication".
Design ideas are brought to life by the professional staff of Hoa Binh Corp– Vietnam’s top 5 largest general contractor with over 30 years of experience. Hoa Binh Corp made its name synonymous with large-scale projects that require a high degree of technicality. Many of its projects are ranked at the top of the Vietnam’s buildings.
The continuous efforts from MIK Group and the general contractor are gradually bringing the entire Mövenpick Resort Waverly Phu Quoc project to the final steps. The existing products bring customers the most authentic on-site experience and help build trust in the reputation and capacity of the developer as well as to show commitment on design and construction quality that cannot be shown on paper.
MIK Group and Hoa Binh Corp guarantee for the quality of an upscale real estate project, while the true resort experience at Mövenpick Resort Waverly Phu Quoc will be guaranteed by Mövenpick Hotels & Resorts, a subsidiary of AccorHotels.
Under the management and operation of Mövenpick Hotels & Resorts, Mövenpick Resort Waverly Phu Quoc developed by MIK Group will inherit its international 5-star standard of service, participate in loyalty programs and benefit from Accor's global marketing strategy.
Professor Dang Hung Vo observed: “The well-to-do travelers often go for internationally recognized tourist spot, that is, places that live up international standards. They do not simply spend money on enjoying the scenery. Such tours often encompass several types of travel experience. The resort complexes which can live up to such criteria will bring many benefits to investors and contribute to the development of the country.”