PHILand Ranch Updates Implementation Schedule for Pointe91 Development Project
PHILand Ranch Updates Implementation Schedule for Pointe91 Development Project
Oct. 26, 2010 (Marketwire) --
FRANKFURT, GERMANY and LOS ANGELES, CA -- (Marketwire) -- 10/26/10 -- PHIGroup, Inc. (OTCBB: PHIE) announced today that its subsidiary PHILand Ranch Ltd., a company engaged in the development of master-planned communities, residential and commercial properties, hospitality and healthcare services in Vietnam and Southeast Asia (WKN A0RPEA) (FRANKFURT: 1P8) (XETRA: 1P8), has submitted an updated implementation schedule to the Chu Lai Open Economic Zone Authority for its Pointe91 development project at Bien Rang, Chu Lai, Quang Nam Province, Vietnam.
According to the updated execution plan, the company plans to complete the relocation program for the remaining seven households still residing on the allotted land parcel by the end of November 2010 and to begin construction of Phase One at Pointe91, which includes the entry gate, the guardhouse, the sales office, and model homes, by Christmas 2010. Phase Five, which is the final phase for the Pointe91 project, is scheduled to be completed by Christmas 2013 to precede the anticipated inauguration of the new expressway along the Quang Nam Province's coastal corridor that connects Chu Lai and Hoi An, the UNESCO-designated tourist destination 40 miles north of Pointe91.
The 120-acre Pointe91 development is located on an exclusive and majestic bluff overlooking the South China Sea with rocky shores that extend to the north and sandy beaches southward. Encompassed by a diverse topography, Pointe91 will offer exclusive luxury accommodations including 227 grand private residences in seven separate communities, an exclusive five-star beach hotel and spa with 180 rooms and 30 detached premium residences that will be part of a private residence club, a marina, hiking and walking trails, an outdoor amphitheater, pristine beaches, farmers' market and other pleasurable amenities.
Henry Fahman, Chairman of PHILand Ranch, said, "We look forward to completing major milestones for the Pointe91 project in the coming months, taking into account all the important aspects including aesthetics, culture, technicalities, and economics to ensure a lasting success. We are also grateful to Marc Townsend, Managing Director of CBRE Vietnam, for providing us with up-to-date market information which is very instrumental for our continued development, sales and marketing efforts in Vietnam."
About PHILand Ranch Ltd.
PHILand Ranch Limited, a United Kingdom corporation, is engaged in the development of master-planned communities, residential and commercial properties, hospitality and healthcare services in Vietnam and the growing economies of Southeast Asia. The company is currently developing Pointe91 in Bien Rang, Chu Lai, Quang Nam Province, Central Vietnam through its wholly owned Vietnam-based subsidiary PHILand Vietnam Ltd. The Company has also entered into agreements with local Vietnamese partners to co-develop other commercial, residential, industrial and hospitality projects. PHILand Ranch's stock is traded on the Frankfurt Stock Exchange: 1P8.F, WKN A0RPEA. Website: www.PHILandranch.com.
About PHIGroup, Inc.
PHIGroup (OTCBB: PHIE) provides M&A advisory and consulting services, develops real estate and natural resources and invests in special situations. PHIGroup, which specializes in raising capital and helping take companies public, is developing PHILand Ranch, one of the largest master planned communities in Vietnam. This project includes Pointe91, a luxury resort and premium residential community in Quang Nam province in central Vietnam (www.PHILandranch.com). PHIGroup is also engaged in mining activities through its majority-owned subsidiary PHI Mining Group, Inc. (www.phimining.com). Website: www.phiglobal.com.
Contact:
Daniel St. John
Director and Corporate Strategist
PHILand Ranch Ltd.
Tel: +1-714-843-5453
Email: daniel.stjohn@phiglobal.com
Source: Marketwire (October 26, 2010 - 4:00 AM EDT)
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