Bui Minh Chinh, general director of Petroland, said that the realty firm would invest some VND300 billion to develop the Petroland Tay Ninh Hotel on Hoang Le Kha Street in the heart of Tay Ninh Town, some 100 km from HCMC.

The project, covering some 1.2 hectares, is designed with two blocks of 18-storey buildings, including a 14,400-square-meter section for office space and a section for the hotel with 144 guest rooms. Besides, there will be serviced facilities for conference, restaurant, fitness center and spa among others.

Chinh said the company had seen potential in the hospitality market in the province because there are few standard hotels there, and that business and leisure travelers would be among the target guests for the forthcoming hotel scheduled for completion by the third quarter of 2012.

Petroland, Chinh added, is mulling another property project in the southern coast city of Vung Tau, some 125 km from HCMC.

The company will set aside some VND4,000 billion for this urban town development on about 70 hectares. It will include sections for hotel, housing, and resort. The project’s groundbreaking event is set for early next month.

The company is working on two condo projects in HCMC’s districts 2 and 7. When in place by the fourth quarter next year, those projects will provide the market with around 660 apartments, he said.

Established in 2007, Petroland is active in investment and construction fields including housing, office and hotel projects, infrastructure development and property trading.