HUD, Cuba's Palmares SA Group sign real estate deal

Hanoi (VNA) – The Housing and Urban Development Corporation (HUD) and Cuba’s Palmares SA Group have signed a real estate deal to build two golf courses-cum-hotel complexes in Cuba.

The two complexes, which will include service centres and housing, will each occupy
an area of 300-400ha about 25 km from the capital of Havana .

To carry out the project, the two companies will establish a joint-venture company.
Each will contribute 50 percent of the company’s charter capital and the company
will operate for 50 years.

Palmares SA Group plans to hire consultants to assess the land value and submit an
application to Cuba’s Ministry of Finance.

For the project, the Housing and Urban Development Corporation established the HUD
Caribe Vietnam Joint Stock Company with a charter capital of 360 billion VND (13.4
million USD).

Dinh Nho Hung, director of HUD Caribe Vietnam, said he believes the project will be
successful because the complexes are located close to the capital and Jose Marti
International Airport. Meanwhile, Cuba has given the green light to HUD to invest
in a hotel project in Havana and to upgrade the Capri Hotel, a five-star hotel
in Camaguey.-Enditem