SUNSHINE CRYSTAL BAY BUSINESS PLAN Prepared by Group 1 Faculty of International Economics Foreign Trade University September 2022 TABLE OF CONTENTS Confidentiality Agreement 1 Executive summary 2 1 Pr.
Project Description
Project title: Sunshine Crystal Bay Quang Ninh
Sunshine Crystal Bay Quang Ninh is a premier resort ideal for vacations, weekend getaways, and overnight stays, featuring 120 seavillas and 200 hotel rooms equipped with kitchenettes, refrigerators, stoves, dishes, color televisions, and air-conditioning Guests can enjoy on-site amenities including a store for personal items and souvenirs, spa services, a golf course, a conference room, and two swimming pools—one in the villa area and another outdoors.
Location: Quan Lan Island, Van Don, Quang Ninh Province
2 arched buildings (10 floors each with 200 rooms, 2 hotels, 1 spa)
Golf course service (1 golf course)
2 swimming pools (with 1 outdoor infinity pool, 1 villa pool)
Investment objective: To invest in building Quan Lan Island into a high-class
Crystal Bay of international stature with a total area of 468,256.22 m².
In order to diversify tourism products in line with the master plan for tourism development on Quan Lan island, Ha Long city and Quang Ninh province
At the same time, satisfying the needs of relaxation, accommodation, entertainment and sightseeing and discovery needs of tourists
Investment form: New construction investment.
Management form: The investor directly manages the project through the
Project Management Board established by the investor.
Company Description
Mission
As a leader in the 4.0 technology revolution within the real estate sector, Sunshine Homes Development JSC is transforming living experiences for residents by integrating advanced technologies like artificial intelligence, Big Data, and the Internet of Things (IoT) This innovative approach not only enhances the quality of life but also fosters the growth of a comprehensive ecosystem in real estate, setting a new standard for the industry.
Financial Analysis
Business Performance (unit: Billion VND) 2019 2020 2021
Market Analysis
Target market
Developing tourism services in the direction of professionalism, quality, efficiency, and intelligence; promoting the application of the science and technology revolution, and focusing on producing high-quality human resources
To achieve breakthrough and sustainable development in local tourism, it is essential to optimize the use of regional resources while balancing supply and demand This approach not only aims to preserve and enhance the province's tourism assets and environment but also focuses on safeguarding and promoting the national cultural identity.
Positioned as a premium brand, our focus is on attracting middle- and high-income customers by prioritizing top-notch quality standards We aim to enhance the tourism appeal of Quang Ninh through strategic investments in this project, ultimately increasing the influx of visitors to the region.
12 million visitors, of which an estimated 1,5 million are international visitors.
Market outlook
The Northeast region of Vietnam boasts a wealth of tourism potential, featuring attractions such as the UNESCO World Heritage Site of Ha Long Bay, the stunning Tra Co beach, and breathtaking lakes like Ba Be and Nui Coc Visitors can marvel at the majestic Ban Gioc waterfall and explore the primeval forests of Ba Be and Tam Dao national parks, which cater to both tourists' curiosity and researchers' interests As the region strives for socio-economic development, it emphasizes the importance of balancing tourism growth with environmental protection Establishing a scientific foundation for community-based eco-tourism in the Northeast is essential for fostering sustainable development and enhancing the region's appeal to future visitors.
The Northeast boasts a wealth of diverse tourism resources, characterized by unique values and high concentration, making it an ideal location for developing tourist attractions and community-based eco-tourism To ensure sustainable growth, it is crucial to thoroughly investigate and evaluate the region's authentic tourism assets and environmental conditions, while also prioritizing the conservation and enhancement of these resources.
The population and labor force in local areas are essential for developing and managing natural resources and the tourism environment The appeal of community-based tourism products hinges on these resources, making it crucial to invest in tourism training and education Additionally, implementing appropriate recruitment and compensation strategies for local labor is vital to enhance the tourism experience and meet visitor expectations.
Sustainable development of community-based eco-tourism in the Northeast tourism region relies on effective planning and alignment with socio-economic development strategies Successful eco-tourism initiatives require close and synchronized management, with active community involvement in the planning, organization, and decision-making processes.
In the Northeast tourist region of Vietnam, community-based eco-tourism activities thrive on the principles of supply and demand To effectively plan for this region, it is crucial to understand the preferences and needs of the tourist market By promoting tourism development that offers a variety of appealing and diverse products, the region can achieve significant benefits across multiple dimensions.
Northeast Vietnam boasts abundant and unique tourism resources; however, the region faces challenges due to difficult natural conditions and socio-economic factors To foster community-based ecotourism, it is essential for government agencies to implement effective mechanisms and policies that create resources and establish a supportive environment for tourism development.
To effectively develop community-based eco-tourism, it is essential to engage both governmental and non-governmental agencies, as well as travel businesses, to support local communities that often lack the necessary knowledge, experience, and resources Their assistance is crucial in planning tourism development, conserving and enhancing tourism resources and environments, providing human resource training, promoting tourism development, and supplying financial, material, and technical support.
Community-based eco-tourism in Vietnam's Northeastern region faces challenges due to its unfavorable geographical and socio-economic conditions, making it difficult for tourists to access information about these destinations To enhance its effectiveness, it is crucial that tourism development promotion activities are strategically invested in and implemented, involving both government support and community participation.
Quang Ninh is renowned for its stunning landscapes, including the iconic Ha Long Bay and Bai Tu Long Bay, as well as beautiful beaches like Tra Co, Co To, and Bai Dai in Van Don district The region also features Tuan Chau Island and Bai Tho Mountain, alongside historical relics and artistic architecture, making it an ideal destination for diverse tourist routes both on land and at sea.
Ha Long Bay, a UNESCO World Heritage site, spans 1,553 km² and features 1,969 islands, including 775 islands within its protected area of over 434 km² Renowned for its unique cultural, aesthetic, geological, and biological significance, the bay boasts numerous land islands, caves, beaches, and stunning landscapes, making it a prime destination for diverse attractions and vibrant tourism experiences.
Tuan Chau Island has an area of 220 hectares, located in Ha Long Bay, 8 km from
Ha Long city center, located just 2 km from the mainland, is poised for the development of a high-class tourist complex featuring a comprehensive service system This includes a multi-purpose performance area, a premium beach, a Vietnamese food street, and a circus performance area, alongside an international convention center and a range of 3-5 star accommodations with over 400 rooms The 2 km long Tuan Chau island beach has undergone significant investment and upgrades, making it a highly attractive destination for tourists Additionally, Quang Ninh's fleet of ships and tourist boats is being expanded and enhanced to accommodate up to 5,000 visitors exploring the stunning Ha Long Bay simultaneously.
Quang Ninh province boasts nearly 500 historical, cultural, and artistic relics, featuring renowned national monuments such as Yen Tu Pagoda and Cua Ong Temple Key attractions like the Bach Dang historical site, Long Tien Pagoda, and Quan Lan Communal House draw tourists from around the globe, particularly during festive occasions, making it a prime destination for cultural and religious tourism.
The Indian tourism market is poised to become one of the largest globally, prompting the Quang Ninh tourism industry to actively engage with Indian travel and aviation businesses This initiative focuses on promoting local products and understanding tourist trends to fully tap into this lucrative market With a population exceeding 1.3 billion and around 25 million Indians traveling abroad annually—projected to rise to 35 million—there is significant potential for growth According to Mr Rajiv Mehra, President of the Association of Indian Travel Agents (IATO), Indian tourists are known for their high spending on travel, preferring vibrant resorts and enjoying dining and entertainment experiences, often traveling in groups with friends or family.
In early August, Quang Ninh tourism hosted a delegation from India, comprising leading travel agencies, airlines, and media representatives, to explore and survey resort offerings in Ha Long Bay This marks the first post-pandemic visit by Indian stakeholders to assess tourist destinations and services in Quang Ninh, reflecting the concerted efforts of the Vietnamese Embassy in India and the local tourism sector The insights gained from this trip will aid Indian tourism businesses in shaping their market strategies and developing products aimed at attracting visitors to Quang Ninh, with a particular focus on promoting the iconic image of Ha Long Bay within the Indian market.
Following the reopening of tourism on March 15, the Quang Ninh tourism industry intensified its promotional efforts in India, a market of over a billion people, with support from the Vietnamese Embassy Mr Rahim Aslam, Founder of One Above Global DMC travel agency, emphasized the importance of targeting the MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism segment, highlighting Quang Ninh's favorable conditions for attracting this demographic, particularly for weddings, filming, and golfing Notably, India's overseas wedding market is valued at over $600 million and is experiencing annual growth of 25-30%, with popular wedding destinations including Thailand, UAE, Malaysia, Bali, Greece, and Italy.
Market trends
Since the start of the year, the tourism industry has shown significant signs of recovery following a two-year market freeze due to the pandemic To attract visitors, various localities, travel agencies, hotels, and tourist destinations are implementing numerous incentive programs, exhibitions, and themed travel weeks focused on regional fruits and cuisine Our team anticipates that these initiatives will foster thriving tourism trends in Quang Ninh.
Sustainable tourism is increasingly developing: This is the trend of international tourists to Vietnam, especially visitors from Europe, North America, Japan, and
In Thailand, there is a growing emphasis on safety and health, leading more individuals to seek a connection with nature This trend highlights the importance of promoting environmentally friendly programs and services to meet the public's desire for sustainable living.
The tourism sector is increasingly integrating health and beauty services, a trend expected to flourish in the post-Covid-19 era This evolution emphasizes the creation of smoke-free environments, the prohibition of alcohol sales, and the enhancement of menus with nutritious vegetables and fruits Additionally, there is a strong focus on developing health clubs equipped with various facilities such as sports equipment, yoga rooms, tennis courts, mini golf courses, and swimming pools Furthermore, tourism services are now incorporating modern medical treatments for conditions like gout, diabetes, and cardiovascular diseases, catering to the growing demand for wellness-focused travel experiences.
MICE tourism, which merges work and travel, is rapidly growing in Quang Ninh, particularly in Ha Long, known for its stunning natural landscapes and UNESCO heritage sites The region boasts nearly 1,000 accommodation options, including fourteen 4-star and three 5-star hotels, equipped to meet the high demands of MICE events The influx of domestic and international MICE tours has led to a rise in high-profile conferences, seminars, and cultural events hosted in the area, with venues like Tuan Chau International Entertainment Resort and several prominent hotels providing comprehensive services MICE groups typically visit Ha Long mid-week, with stays averaging 2-4 days, significantly boosting revenue compared to other tourist segments The trend is particularly evident among both local and foreign companies organizing employee conferences alongside leisure activities, further enhancing Ha Long's appeal as a prime MICE destination, especially during peak seasons at the year's end.
Self-sufficient tourism is gaining popularity as travelers opt for personalized, self-designed tours instead of traditional package deals, with a particular emphasis on food experiences To support this trend, Quang Ninh must enhance businesses' market access and leverage modern tools like mobile and social networks for tourism promotion The MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism market presents a significant opportunity for Quang Ninh's strategic development, although it currently attracts fewer visitors compared to major tourist hubs like Hanoi and Ho Chi Minh City By recognizing the potential of MICE tourism and fostering a proactive approach among local businesses, Quang Ninh can stimulate growth in this sector To effectively attract and develop MICE tourism, the region should prioritize marketing efforts, invest in tourism infrastructure, and improve supporting services, positioning itself as a compelling market segment for travel companies to explore.
Competitive advantage
Sunshine Homes Development JSC has established a strong presence across North, Central, and South Vietnam with its luxury projects, including high-class apartments and both inner-city and beach resorts Notable developments include Sunshine City Hanoi, Sunshine Center, Sunshine Riverside, Sunshine Empire, Sunshine City Saigon, and Sunshine Diamond River In addition to its core focus on real estate, the company diversifies into multiple sectors such as services, trade, construction, education, and technology, all aimed at fostering a convenient and self-contained lifestyle for residents.
Sunshine is always a pioneer and always sees the needs of the market to be able to
“Tell the truth, Do the truth, Create real value” Sunshine Crystal Bay Quang Ninh project is proof of the above statement
Situated in a prime area of Quan Lan Island, the Sunshine Crystal Bay Quang Ninh project is set to transform the island's landscape with its stunning architectural design This innovative development features a diverse ecosystem and incorporates advanced 4.0 technology, offering amenities such as Smarthome smart homes, the Sunshine Mart e-commerce platform, luxury transportation through Sunshine Cab, and the Sunshine Pay e-wallet system.
The investor has developed a comprehensive all-in-one utility system that caters to the essential needs of Sunshine residents, creating a true living paradise just steps away from their apartments Additionally, the establishment of the Sunshine School, an inter-level international school, will provide an ideal learning environment for children on the island, enhancing the community's appeal.
Sunshine Homes Development JSC is committed to creating a sustainable green living ecosystem in its projects, anticipating future trends The company dedicates a significant portion of its developments to landscape design, featuring extensive greenery and water features, which promote a fresh and healthy environment for residents.
In addition to the above-mentioned direct advantages, there are also some other advantages related to Sunshine Homes Development JSC's projects such as:
Designed in collaboration with top global firms like EDSA and FSC (USA), this resort offers an exquisite blend of sophisticated architecture and luxurious interiors Guests can enjoy breathtaking sea views, along with the privacy of personal gardens and private pools, making it the ideal getaway for relaxation and indulgence.
Complete utilities: Most Sunshine projects are located in Crystal Bayes, enjoying a 5-star ecosystem
Sunshine Homes Development JSC has established a strong reputation, evidenced by its accolades in both domestic and international arenas Notably, the brand was recognized as one of the Top 10 Typical Enterprises in Asia and the Top 10 Most Trusted Brands in Asia at the International Economic Forum 2019 Additionally, it received the Award for Innovation and Technology Application in the Best Real Estate Sector in Vietnam in 2020, along with a Special Recognition Award for Green-Smart Solutions at the Dot Property Award in the same year.
Lifetime 5-star standard products: The villas are committed to periodic maintenance by the investor, so they always meet 5-star standards
In the wake of the Covid-19 pandemic, the residential real estate market has remained relatively calm; however, Sunshine Homes Development JSC is demonstrating a strong commitment to high profitability through its innovative green projects Notably, apartments developed by Sunshine Homes in Hanoi and Ho Chi Minh City have seen price increases ranging from 15% to 30% compared to their initial asking prices Additionally, the Sunshine Diamond River project in District 7, Ho Chi Minh City, has experienced significant price surges of up to 30%, highlighting the company's successful growth in the sector.
Sunshine Fintech, featured on the Sunshine App, is recognized by experts as a leading investment option in the technology era, boasting three key advantages: flexible capital, safety with no risk, and easy transactions This innovative system allows investors to engage in high-end real estate investments starting from just 100 million VND With Sunshine Fintech, investors can expect consistent profitability, guaranteeing a minimum return of 14-15% per year, while effectively addressing the shortcomings of traditional investment methods.
Sale/Marketing Strategy
Market research
4.1.1 Tourism market analysis in Vietnam
From the beginning of 2022, the tourism market in Vietnam is witnessing positive signals after the Covid-19 pandemic
Following March 15, international tourism in Vietnam has shown promising growth, with the Vietnam National Administration of Tourism reporting a significant increase In April 2022, the country welcomed 101,000 international visitors, marking a remarkable 242.9% rise from the previous month and a staggering 520.6% increase compared to the same period in 2021 Overall, the first four months of 2022 have demonstrated a strong recovery in Vietnam's tourism sector.
2022, Vietnam welcomed 192 thousand international arrivals, up 284.7% over the same period
● The domestic tourism market thrives again, especially on major holidays with about 5 million domestic tourists, of which 2 million visitors stay overnight at tourist accommodation establishments
Vietnam is experiencing a remarkable surge in aviation and tourism interest, with search queries increasing by over 75%, positioning it among the fastest-growing global destinations The top markets driving this interest include the United States, Australia, Singapore, France, Japan, Germany, Canada, India, the UK, and Thailand.
As of March 2022, Vietnam's hotel room capacity remains below 20%, significantly lower than the same period in 2019, indicating a slow recovery in the tourism sector Hotels and resorts, particularly in areas dependent on international visitors, are still struggling to stabilize Additionally, the average room rates are nearly 20% lower than they were in 2019, highlighting ongoing challenges in the hospitality industry.
While hotel rates and occupancy are still lower than pre-pandemic levels and compared to some other destinations in the region, they are generally on an upward trend
4.1.2 Resort Real Estate market analysis in Vietnam
Resort real estate has become a top priority choice in the current market, experiencing a significant resurgence since early 2022 The strong recovery of the economy and a booming tourism sector have revitalized this market, leading to the announcement of numerous new projects Sales activities have surged, resulting in increased liquidity compared to previous years, alongside rising property prices.
Vietnam's resort real estate market is poised for significant growth, fueled by robust tourism infrastructure and an annual increase in visitors of 10-15% Ranked among the top three fastest-growing tourism markets, the country boasts over 300,000 tourism real estate options, including condotels, shophouses, and resort villas, managed by a variety of investors Additionally, enterprises are heavily investing in this sector, contributing over 600 trillion VND (approximately 30 billion USD) to its development.
In the first half of the year, nearly 60 new resort real estate projects received licenses, leading to a significant increase in sales compared to 2021 Despite the ongoing impact of the pandemic, property prices rose compared to the same period last year, with average increases ranging from 9% to 40% Townhouses and shophouses experienced the highest price surge of 30% to 40%, while resort real estate saw increases of 11% to 28%, and condotels rose by 9% to 15%.
The resort real estate sector is currently grappling with a significant challenge: a shortage of investment capital exacerbated by various policies enacted since July Additionally, the slow recovery of international tourism, which has not yet returned to pre-pandemic levels, poses a substantial obstacle to growth in this market segment.
The real estate market, particularly the resort segment, is currently grappling with significant challenges, including stricter credit controls and a review of bond issuance for real estate companies Legally, while beach villas are recognized, other resort property types such as condotels and shophouses remain unregulated, leading to ambiguous legal status Despite receiving state licenses for construction, condotel projects have yet to obtain land use right certificates, commonly known as red books.
The value of real estate is influenced by socio-economic conditions, with branded residences particularly dependent on prime geographical locations and operational standards Luxury real estate must meet stringent international criteria, which often results in branded properties, such as resort real estate, commanding higher prices than standard real estate offerings.
In conclusion, despite ongoing challenges, the market is demonstrating positive recovery trends, particularly in beach resort real estate From 2022 to 2023, especially in 2023, the southern region is expected to lead this growth, driven by significant investments in transportation infrastructure, including the Dau Giay - Phan Thiet Expressway, Ben Luc - Long Thanh Expressway, and Ho Chi Minh City's Ring Road 3.
4.1.3 Resort Real Estate market analysis in Ha Long, Quang Ninh, Vietnam
The scarcity of fully legal bayfront real estate
Ha Long is recognized as the tourism capital of Northern Vietnam; however, it currently lacks a variety of high-quality tourism offerings and upscale accommodation options The availability of land for resort real estate development is notably limited, despite the vast potential for growth in this sector.
In 2021, low-rise properties with seafront locations made up around 13% of Ha Long's total real estate supply, particularly in adjacent projects like Sun Marina, Horizon Bay, and Sailing Club Residences As large-scale seaside project opportunities in Hon Gai have diminished, the low-rise developments in Bai Chay and Hung Thang represent the last available bayfront land in central Ha Long.
Opportunities to increase real estate value
Currently, Quang Ninh province is eligible to become the focal point of the North in particular and Vietnam in general thanks to the convergence of the "tripod": economy
The synchronous development of tourism and infrastructure in Ha Long is significantly boosting the real estate market, particularly in the resort sector In 2019, the region welcomed over 15 million visitors and has consistently topped the PCI index for three years, indicating robust and genuine growth rather than a speculative bubble This stable development aligns with the area's vast potential, positioning the resort segment as a key driver in Quang Ninh's real estate landscape, especially in high-tourism areas like Ha Long, Van Don, Cam Pha, Mong Cai, and Uong Bi.
In October 2021, the province launched four significant projects with a combined investment exceeding 280 trillion VND These include the Ha Long Xanh urban area complex, which accounts for over 230 trillion VND, the Dong Trieu golf course spanning 130 hectares and designed to accommodate around 800 guests per day, the Quang Ninh LNG gas power plant with a projected capacity of 1,500 MW, and the first phase of the Van Ninh general port, which has an investment of more than 2.2 trillion VND.
On January 1, 2022, Ha Long officially opened the Tran Quoc Nghien embankment route and Love Bridge, enhancing connectivity between the province and surrounding areas while supporting the development of maritime projects.
Location Investor Project Scale Progress
Ben Doan, Hong Gai Ward, City
Ha Long, Quang Ninh Province
Dojiland Real Estate Co., Ltd
+ 31 floors + 1008 units (number of basements: 02, Service floors 03; number of apartment floors:
Marina, Hung Thang, Bai Chay, Quang Ninh brand Citadines
- Building density: Base block 65% – Tower 45.9%
+ 2 towers A and B and 2 basements + 872 units: 580 hotel apartments and 292 apartments
Ha Long Marina, Hoang Quoc Viet Street,
Ha Long Marina Central Peninsula
+ Sky Villas: 60 units + Hotel apartments:
Column 3 – column 8, Hong Ha ward, Ha Long city,
FLC Group Joint Stock Company
157 hectares + Golf club house – club house with links 18 hole golf course
+ International Convention Center + 5 star resort hotel + 574 5-star standard hotel apartments + 364 luxury villas with private swimming pools
780 Ha Long Street, Bai Chay, Ha Long, Quang Ninh
Ha Long Monaco Joint Stock Company
- 28.4 hectares + 1 19-storey 5-star standard hotel and 144 hill villas
Expected completion in the third quarter of
Table 3: List of resort real estate projects in Quang Ninh
4.1.3.1 Indirect Competitors - Other forms of tourism
Customer research
Sunshine Homes Development JSC focuses on delivering high-quality offerings, appealing primarily to customers who prioritize quality over price The company targets three key segments: investors, successful businessmen, and both individual and family tourists.
Investors and entrepreneurs view this project as a lucrative opportunity, characterized by relatively low risk and significant potential for high returns on investment (ROI) Their eagerness to invest reflects not only the financial benefits but also serves as a means to showcase their status to others.
Novelty captivates the curiosity of individuals and families, but high-quality utilities and services are essential for encouraging repeat visits Sunshine Homes Development JSC effectively targets affluent customers, making it easier for them to invest in their offerings, while also appealing to previous clients who are likely to return.
Tend to have short trips
Not hesitate to pay for good products
Pay attention to the difference and merits of products
- Focus on a customer group (might be new), which:
+ Having demand and being able to afford
- Orientation: Ensure long-term profitability
- With the goal to bring Sunshine Crystal Bay Quang Ninh the leading tourist attraction in Southeast Asia
Besides domestic customers, foreign ones should be focused to bring huge popularity to the project
This project focuses on tourists, particularly nuclear families who seek to strengthen their bonds through travel These families are tech-savvy and frequently utilize the Internet and modern devices to enhance their travel experiences.
● Vietnamese tourists: (main customers) o Balancing between spending time on work and families o Want to create family memories, comfortable experiences and making the children and parents feel happy
● Chinese tourists: o Seeking relaxing and exploring o Having a high sense of community o Sensitive to tourism service quality, accommodation, and price
● Korean tourists: o Want to experience Vietnamese culture, and entertainment activities while still spending time and relaxing with family o Prefer comfort, convenience, and security
● Marital Status: Single/ Married (mostly Single)
● Marital Status: Single/ Married (mostly Married)
- Potential to become royal customers:
+ Pay $1,548 per visit on average
+ High demand in traveling: accounting for 35% of international travel value in Asia
+ Seeking new products based on their new income
- High influence: the boom of the 4.0 technological era
- High lifetime value: The number of Chinese and Korean customers account for 60% of the ones coming to Vietnam The number of people from the age of 25 to 35 is 260 million.
Marketing Strategy
Sunshine Crystal Bay Quang Ninh employs geographic segmentation by targeting high-income leisure travelers The brand focuses on domestic customers with household incomes exceeding $1,000 per month and international clients earning between $1,500 and $3,000 monthly, appealing to affluent individuals seeking luxury experiences.
Psychographics and lifestyle segmentation play a crucial role in understanding the preferences of individuals and families seeking luxury accommodations These customers are often drawn to locations that offer novelty, leisure, relaxation, and strict security, while also valuing personal information protection and high sanity standards Hotel locations are strategically chosen based on thorough research into where these discerning travelers prefer to stay, with a firm commitment to maintaining premium pricing without compromise to ensure the best options in their desired areas.
Behavioral segmentation reveals that customers prioritize their well-being, investing significant time and resources in exercise and healthy eating Additionally, they are willing to spend on experiences that enhance their time with family and loved ones.
Strategy to reach the full target market
Sunshine Crystal Bay Quang Ninh focuses specifically on customers’ needs and has the experience to make them comfortable with the entire process and the Sunshine
“ecosystem” bringing the most comfy, convenient, relaxing, interesting and cosy moment
Sunshine Crystal Bay Quang Ninh is set to develop luxurious accommodations, including high-end hotels, spas, event venues, and golf courses on Quan Lan Island, in line with Sunshine Homes Development JSC’s successful business strategy Spanning a vast area, this project aims to become a premier resort and entertainment hub, complementing modern apartments With a diverse array of recreational activities and travel options in Southeast Asia, Sunshine Crystal Bay Quang Ninh is poised to attract tourists by prioritizing customer needs and ensuring a comfortable experience within the Sunshine “ecosystem,” providing a cozy and relaxing atmosphere.
Sunshine Crystal Bay Quang Ninh is set to become a premier destination, offering a diverse range of services and attractions that blend entertainment and retail This innovative experience in Quang Ninh seamlessly merges sightseeing with social interaction and family-friendly activities, creating a unique recreational and tourism hub.
Sunshine Crystal Bay Quang Ninh features two stunning arch-shaped buildings and offers an exciting entertainment and relaxation area along a picturesque coastline This destination boasts over 30,000 marine species from around the globe, including many unique to Vietnam It also includes separate event venues, a golf course, luxurious seaside villas, and modern swimming pools, all equipped with cutting-edge technology.
Sunshine Crystal Bay Quang Ninh stands out by prioritizing family-oriented services on a grand scale The company's distinctive feature among high-end hotels and resorts is its unwavering commitment to delivering exceptional customer service Driven by the goal of providing attractive service packages, Sunshine Crystal Bay aims to offer experiences that meet the high standards of world-renowned brands.
Sunshine Homes Development JSC is committed to enhancing its projects by integrating cutting-edge technologies and efficient designs, while partnering with globally recognized consulting firms The company implements state-of-the-art management practices to create a range of services and values that harmoniously blend exquisite architecture with stunning natural landscapes This approach results in a luxurious resort experience, characterized by a diverse array of high-class services tailored to individual preferences Visitors can expect exceptional attention to detail, ensuring that even the smallest needs are addressed with the utmost dedication and aligned with the highest international standards.
Our primary audience consists of affluent individuals, a substantial demographic that actively seeks high-quality, integrated services They are dedicated to investing time in their families and loved ones, reflecting their strong demand for premium offerings.
Sunshine Crystal Bay Quang Ninh is perfectly suited for nuclear families, particularly those with young children These families seek meaningful travel experiences to strengthen their bonds, and they are accustomed to utilizing the Internet and modern technology during their trips.
The ideal customer market for Royal Myanmar has the following characteristics: + Mostly are native visitors coming from big cities of Vietnam
+ Interested in living modern apartment
+ At all age 25 - 60 years old
+ Household income of at least $1,000 monthly
+ Generally a married couple with or expecting at least one child
+ Interested in living in a beautiful and modern place (home, neighbourhood, and town, entertainment area, hospital, spa, all equipped with the most modern technology )
Sunshine Homes Development JSC boasts a professional marketing department dedicated to marketing and sales initiatives To enhance our presence in the domestic Anmar market, we are committed to recruiting skilled local marketers as official employees, ensuring they possess a deep understanding of the Quang Ninh and Van Don markets.
Sales Strategy
In today's competitive tourism landscape, many hotels are pressured to reduce their service and product prices Despite this trend, some establishments continue to offer premium services at comparable rates Sunshine Crystal Bay Quang Ninh aims to position itself at the forefront of the market by competing with larger firms that have similar offerings Our pricing strategy will remain competitive while ensuring exceptional quality and expert management.
The price of apartments in Sunshine Crystal Bay, Quang Ninh, is relatively high Sunshine Homes Development JSC is well-positioned to navigate market price fluctuations due to its accurate pricing appraisals and the convenience it offers to customers To maintain a competitive edge, the company must stay attuned to market pricing trends This approach enables Sunshine Crystal Bay to develop effective pricing strategies that cover overhead costs and maximize revenue.
+ Level of competition in the market
+ Perception of quality-price relationship by customers
+ Chain of distribution and the added-value at each stage
+ The extent to which the buyer can control the price
During the off-season, Sunshine Crystal Bay Quang Ninh provides significant discounts for customers and increased commission rates for intermediaries and travel agencies These off-season discounts serve as effective incentives, attracting more visitors and enhancing overall customer engagement.
The "Room-leasing" service is uniquely time-sensitive, as vacant rooms represent immediate revenue losses, unlike other material trades To combat this, Sunshine Crystal Bay Quang Ninh employs flexible pricing strategies, offering reasonable discounts and special packages to entice customers This adaptability in pricing enhances the room rental appeal, aiming to achieve over 60% occupancy each night.
Regarding to the unique characteristic of the hospitality service industry, Sunshine Crystal Bay Quang Ninh has opted for several selected distribution channels:
Direct distribution channels are primarily utilized by hotels to cater to their regular customers, who are often familiar with the Sunshine brand through previous stays or long-term business relationships in sectors such as education, healthcare, and real estate These customers tend to proactively reach out to the hotel for room bookings without the need for intermediaries, often relying on word-of-mouth recommendations to share their experiences with acquaintances They can conveniently book accommodations by visiting the hotel in person, calling, or even sending a fax.
- Distribution channels through Travel Agencies: This is the most frequent way of distributing applied for hotel service, especially during the opening phase
To effectively reach a diverse target market, Sunshine Homes Development JSC has established long-term business relationships with renowned domestic and international travel agencies, including Vietnam Tourist, Sai Gon Tourist, Fantasea, and Ben Thanh Tourist By offering preferential treatment to these partners, the hotel can enhance collaboration and drive mutual success Additionally, developing partnerships with representative offices of foreign firms in Vietnam will help Sunshine Homes tap into specialized customer groups that significantly contribute to revenue growth.
Investing in travel representative offices is essential for providing staff with practical surveys and on-site training This hands-on experience enables employees to better understand the business concept and effectively identify target customer groups.
Sunshine Crystal Bay Quang Ninh is increasingly focusing on developing new distribution channels through transportation companies like Taxi SasCo and Mai Linh, in response to a rising number of domestic customers who prefer to book directly rather than through intermediaries or travel agents Additionally, the resort is enhancing its entertainment services to cater to this growing demand.
“To develop products and services of excellent quality; providing customers with the utmost level of satisfaction with latest modern technology”
+ To conduct an in-depth and comprehensive research, analysis, evaluation and reflect customers’ needs, expectations and desires (from the economic, cultural, politic, social and artistic perspectives);
+ To undertake research, design and invest in development of the highest quality products and services, to best cater for customers’ demands and bring customers absolute satisfaction;
To foster a corporate culture centered around customer satisfaction, the Company and its employees prioritize activities that align with the needs and expectations of customers, continually assessing and adjusting strategies from the customers' viewpoint.
+ To formulate principles of communication and behaviours towards customers for staff, which specifies their obligatory functions, tasks as well as standard behaviours;
+ To implement customer care programs with a wide range of attractive and practical contents to guarantee and increase customers’ benefits;
+ To proactively establish and implement (and to constantly accompany customers) in community-oriented philanthropic social programs and environmental protection programs, etc
At Sunshine Crystal Bay Quang Ninh, we prioritize delivering high-quality living spaces in prime locations, catering to a diverse customer base To maintain our competitive edge, we are committed to upholding superior quality standards compared to our rivals This commitment will be achieved through a well-structured plan that ensures the functionality and aesthetic appeal of our properties Additionally, we will launch an updated website to provide easy access to information for potential buyers and renters.
Sunshine Crystal Bay Quang Ninh has sales method as following:
Research and Development
Technology Level
Below is the list of assets our company owns at present:
● Land: total area of about 468.256,22 m², located in Quan Lan Island, Van Don, Quang Ninh
● Building machines and equipment: at a parking location in Quang Ninh
● Ventilation system: Air conditioners at staircases, Fresh air supply system
● Lifts: Passenger Lift with cooler, Car Lift with cooler, observation lift, Steel frames and outdoor
● Electrical system (generators, cubicles): Low voltage, medium voltage cubicles, wiring troughs, electric cables; transformers; power switches; electrical generators; medium voltage automatic cutting out cubicle Lighting system
● Water supply and drainage system
● Fire control and prevention system
● Security control system: Security sound control system
● Means of transport: electric cars and buses
● Administration Equipment and Tools: frequency converter; Pre and Post- distribution cubicles; Audio and video conferencing system; computers
● Administration software: Website Admin software; Office software; Computer software for the Project Management Unit; Computer software for the Project management Unit and IT Department; HR Management Software
R&D
The R&D department is dedicated to creating a lasting impression through sustainable and environmentally friendly design Its activities are crucial for enhancing competitive capacity in the market, driving innovation, competitiveness, and economic performance Unfortunately, many local companies have overlooked the importance of R&D, resulting in inadequate investment in this vital area.
Sunshine Homes Development JSC is committed to becoming a leader in hospitality and sustainable development by prioritizing research and development The company focuses on delivering impactful solutions throughout each project, from design to construction and operation All high-end residential projects are designed with principles of energy efficiency, optimal light and space utilization, and environmental friendliness.
Sunshine Crystal Bay Quang Ninh aims to incorporate cutting-edge global technologies in its construction processes, prioritizing both project timelines and quality The initiative will utilize advanced machines, equipment, and materials to enhance construction speed, improve durability, and optimize the functionality and performance of the company's projects.
● Coordinating with consultants and agencies to invite leading construction experts to evaluate and optimize structural solutions to meet technical and economic criteria
Collaborating with design consultancies to explore and implement innovative materials in construction is essential For instance, the Sunshine Crystal Bay project in Quang Ninh plans to utilize higher-quality steel after assessing its properties This strategic choice not only enhances labor efficiency but also maximizes usable space and promotes sustainability within the project.
Continuously exploring and implementing innovative construction technologies, such as assembly technology, enhances building durability By manufacturing floor components and other construction elements in factories, this approach not only reduces overall construction costs but also accelerates project timelines.
● Applying bored piles and barrette piles to some major projects This solution increases the carrying capacity of piles from 20% to 50%, increases sustainability, and reduces construction costs
● Utilizing advantageous finishing construction materials by researching the domestic and foreign markets for materials of good quality, proper aesthetics and which help beautify and increase utility for users
The Sunshine Crystal Bay Quang Ninh projects prioritize sustainable design by incorporating energy-efficient solutions such as passive design for air-conditioning, ventilation, lighting, hot water supply, and water pumping Key features include heat recovery systems, high-efficiency heat pumps, natural ventilation, and rainwater recovery Additionally, the integration of solar panels and small wind turbines not only enhances energy efficiency but also contributes to the aesthetic appeal of the developments, promoting a green lifestyle.
Future Sustainable Development Plan
Sustainability has emerged as a global economic trend, significantly impacting various sectors In tourism, eco-tourism is gaining traction; in energy, solar and wind power are leading the way; in banking, socially responsible investments are on the rise; and in agriculture, organic farming is becoming increasingly popular For large corporations, sustainability is not just a trend but a crucial component of their strategic planning, as it aligns with sustainable development goals that promote economic growth, social equity, and environmental protection Companies pursuing sustainability can unlock growth opportunities, enhance returns on capital, and mitigate risks, making it essential for long-term success.
SD plan for Sunshine Crystal Bay Quang Ninh
The figure below gives an overview of the objectives of the SD plan for the next 3 years
- Implement supply chain environmental management system
- Set up electric bullet printing and brochure
- Promotion plan on website and Facebook page
- Engage more customers to donate to Sunshine Crystal Bay Quang Ninh Charity Fund
Table 4: Sustainable objectives for the next 3 years
Sustainable development is an emerging concept in Vietnam, particularly for domestic companies To effectively implement a new sustainability plan, it is essential to start with foundational elements Consequently, the author has established practical and achievable objectives to be accomplished within a three-year timeframe.
Using the sustainable strategy developed by Werbach, there are three stages that Sunshine Homes Development JSC takes to achieve the previous set objectives:
Transparency, Engaging employees, and Engaging the networks (Werbach 2009)
To meet the operational goals set for the next three years, Sunshine Crystal Bay Quang Ninh will begin implementing new equipment and revising energy consumption regulations.
To reduce water used by 15 percent:
● Filtered instead of bottled water for meeting use
● Install flow regulator on showers and faucets
● reducing the frequency of guest laundering towers to reduce the use of water and detergent
To reduce energy consumption by 5 percent
● Change to low-consumption bulbs for 24/7 lighting
● Setting timer for common area air conditioning, setting temperature from 24 –26 degree in the summer, 20 –21 in the winter
● Use energy efficient air-conditioning equipment
● Install hot water temperature in guest rooms from 50 –70 Celsius degree
● Setting temperature for hot water supply in the laundry room 70 Celsius degree
● Increasing using of renewable energy such as solar, wind power
● Sorted and recycled fluorescent lamps and tubes
● Sorted and recycled paper and cardboard
● Used certified paper for printing
● Implement e-learning model to improve staff’s English skills
Establish Sunshine Crystal Bay Quang Ninh Charity Fund Gantt chart for
Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec
Table 5: Grantt chart for Transparency stage 5.3.4 Engage the networks
At Sunshine Crystal Bay Quang Ninh, we recognize that our guests are passionate about sustainable development and want to actively participate in it To keep our guests informed, we will provide a brochure detailing our sustainable plans and activities at both the check-in desk and in each guest room Additionally, an electric bulletin board will be installed in the hall, ensuring that all visitors can easily access important information about our sustainability initiatives.
Sunshine Homes Development JSC is committed to involving customers in decision-making by conducting quarterly online surveys focused on their preferences for the quality of service at Sunshine Crystal Bay Quang Ninh and suggestions for enhancing sustainability These surveys will take place one month prior to training and information sessions, allowing the company to refine its training program accordingly Additionally, a sustainable marketing plan will be launched to highlight Sunshine Homes Development JSC's initiatives, with detailed descriptions on the company’s website to encourage customer engagement At the end of the year, a public report will be released, detailing the company's sustainable efforts.
Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec
Table 6: Grantt chart for Engage customers stage
In this stage, Sunshine Crystal Bay Quang Ninh will implement a supply chain environmental management system The step taken includes:
● Notify the suppliers that Sunshine Crystal Bay Quang Ninh will require green products The requirement will be specified in the request for proposals and contracts
● Open workshop to introduce specialty products in the city region once a year The timetable for this stage is stated in the table below
Jan Feb Mar Apr Ma y Jun Jul Aug Sep Oct Nov Dec
Table 7: Gantt chart for Engage suppliers stage 5.3.5 Control
The control process is implemented across various departments throughout the entire plan, allowing for a comparison of actual results against the established targets Results are communicated to the executive office through detailed reports and information sessions.
In addition to managing objectives, it is crucial to assess potential risks during this phase One significant challenge for hotels is the unpredictable reactions from customers, as sustainable hospitality remains an unfamiliar concept for many Vietnamese travelers despite a growing awareness of environmental issues Furthermore, internal risks stemming from the executive office can also pose challenges to the hotel's plans.
Setting a new SD plan requires new regulations, and new protocols in dealing with hiring new staff, and dealing with suppliers Since the hotels belong to Sunshine
Homes Development JSC, these regulations have to be passed through the executive office and it might delay the schedule of the plan.
Staffing and Operations
Staffing
The General Shareholders' Meeting, comprising all voting shareholders and their proxies, serves as the company's highest authority, empowered to make decisions on all corporate activities This meeting is responsible for approving the company's charter and strategic direction, as well as electing, dismissing, and managing the Board of Directors, along with fulfilling other responsibilities outlined in the Charter.
The Board of Directors (BoD)
The heads of the resort oversee all business operations, implementing essential measures to establish an effective organizational structure while clearly defining the rights and responsibilities of each department within the resort.
All team members hold university degrees in management and are responsible for recruiting, organizing, training, evaluating, and rewarding employees Additionally, the human resources department assists the director in effectively placing the right individuals in suitable positions.
The team is highly qualified, holding credentials from high school to university, and possesses strong computer skills and proficiency in foreign languages They manage the resort's financial matters and provide timely updates to the director regarding the resort's financial status, aiding in decision-making to enhance the resort's economic efficiency.
All team members possess university degrees, are proficient in computer skills, and can communicate effectively in foreign languages, particularly English This expertise plays a crucial role in the resort's operations by assisting the board of directors in formulating business strategies and policies, ultimately securing contracts with travel companies.
All team members hold college degrees or higher, with three possessing university degrees and extensive experience in design and construction Their primary responsibility is to oversee the construction and repair of projects both inside and outside the resort.
This department has the function to help the resort's activities be safe | safety, ensuring the safety of property and life for guests
All staff members possess intermediate or higher language skills, along with relevant professional qualifications and experience Their primary role is to utilize their expertise to fulfill guests' accommodation needs, as well as additional requests such as food service, laundry, alarm calls, and telephone assistance.
This department requires staff to possess intermediate to advanced professional expertise, proficiency in at least one foreign language, and the ability to serve daily meals to guests while also organizing events such as weddings and corporate parties.
Including swimming pool, golf course, karaoke The staff in these departments are professional, professional and enthusiastic with tourists Always give them the most refreshing and reassuring moments of rest
The company prioritizes the well-being of its employees by ensuring comfortable and clean working environments across all departments, equipped with essential facilities Additionally, for those working at construction sites, the company mandates the provision of comprehensive personal protective equipment to guarantee safety on the job.
Employees are entitled to holidays, leave, and other types of leave as outlined in the Labor Code It is mandatory for employees to wear uniforms in accordance with company regulations and to adhere strictly to the company's discipline policies.
● Uphold the sense of responsibility, internal solidarity to successfully complete all assigned tasks
● Strictly comply with the work assignment and maneuvering of superiors
● Report fully and honestly the assigned tasks When facing difficulties at work, they must seek the direction of their superiors to solve them in a timely manner
Officers responsible for professional duties must refrain from exploiting their positions to accept commissions or bonuses from any organization or individual, as such actions can tarnish the company's reputation.
● Do not use the company's name for personal work
● It is strictly forbidden to commit fraudulent acts at work and in business leading to damage to property and interests of the company
Disclosing any company information, removing documents from the office, or sharing company details externally without prior approval from superiors is strictly prohibited.
● Keep the company's business secrets
● The individual's income is based on the assessment of the immediate leadership and the views of the superior, so the individual's income is not disclosed
The company's salary policy is built on the basis of the assigned work and the performance of that work
Periodically, the company will review the employee's work performance as a basis for salary increase through comments and evaluation
In addition to competitive salaries, the company offers various bonuses to motivate employees and enhance their work ethic, including holiday bonuses, Tet bonuses, and performance-based bonuses.
Make deductions and payments for social insurance and health insurance for employees according to current regulations
Meal allowance for construction workers.
Training plans
Allow the employees to take some general and specialized short-term or long- term training courses which provide them with some knowledge and skills necessary during the working process
To enhance employee motivation and innovation, it is crucial to equip them with comprehensive, current, and precise information regarding the hotel's image, brand, and reputation This knowledge fosters greater awareness and understanding, ultimately driving employees to contribute positively to the hotel's success.
Implementing a system that allows employees to share their ideas, challenges, and aspirations with the Board of Directors can significantly enhance communication and interaction among staff, management, and leadership This initiative fosters a collaborative environment, encouraging open dialogue and engagement within the organization.
To enhance employee quality of life, companies should increase wages in line with productivity and implement reward policies for high achievers, fostering motivation and commitment Leadership must prioritize employee well-being by providing health insurance, ensuring nutritious meals, and supporting medical needs Additionally, investing in the education of workers' children and developing programs to enrich both material and spiritual aspects of life will further strengthen employee satisfaction and productivity.
Create supervison and controlling system over employees, test the skills of employees periodically, consider salary raising and promotion for whom qualifies and reaches higher level of standard
Our team of experts provides direct education and training for employees through tailored initiatives, including skill enhancement courses, experience-sharing seminars, and engaging discussions These efforts aim to strengthen relationships between management and staff, as well as foster connections among employees.
To effectively engage with diverse customers, hotel employees must exhibit flexibility and appropriateness in their behavior Consequently, it is essential for businesses to implement comprehensive training programs focused on enhancing communication skills for staff, particularly in departments that frequently interact with guests, such as reception, housekeeping, and security These training programs should be meticulously crafted, emphasizing critical elements such as body language, facial expressions, tone of voice, and the importance of a warm smile during interactions.
To foster a productive workplace, it is essential to cultivate a close-knit environment among employees and between staff and leadership Investing in the improvement of workers' living conditions, promptly addressing issues, and offering timely solutions are crucial for enhancing overall employee satisfaction and performance.
Operations
- Location: Quan Lan Island, Van Don, Quang Ninh
2 arc-shaped buildings (10 floors each with 200 rooms, 2 hotels ), 120 seavilla
Golf course service (1 golf course), 2 swimming pools (1 outdoor infinity pool, 1 villa pool), 1 spa, 1 gym, 3 luxurious restaurants, 3 bars (1 lobby bar, 1 rooftop bar, 1 pool bar), private event center
- Project implementation progress: Divided into 2 phases:
○ Sunshine Homes Development JSC company put Sunshine Crystal Bay Quang Ninh project into construction from 2022 to the end of 2025
Starting in 2026, the Sunshine Crystal Bay project in Quang Ninh will see the completion and operation of various planned developments, including restaurants, conference centers, hotels, resorts, villas, and high-tech industrial production zones, thanks to the dedicated efforts of investors and partners.
The investor and construction team successfully completed the project on schedule, maintaining high-quality standards As a result, the project is now operational and has garnered positive feedback from both management and customers.
No Project activities Environmental impacts
Works and measures to protect the environment Phase 1: CONSTRUCTION PHASE
Air environment such as: Dust, noise, SO2, NOx,
Coordinate the means of transportation in and out reasonably
Construction of main items and infrastructure
Air environment such as: Dust, noise, SO2, NOx,
Construction according to technical design Procurement of labor protection equipment
Domestic wastewater of workers in the camp area
Renting portable toilets, periodically collecting and treating at Wastewater Treatment System
No 1 with a capacity of 2000 m3/day
Equip the container Hire a unit with collection and treatment functions
Environmental incidents (fire, explosion, occupational accident, leakage)
Equip labor protection equipment and fire protection equipment
Activities of staff and visitors at
Air environment such as: Dust, noise, SO2, NOx,
CO, CO2, THC, NH3, H2S, CH4, mercaptan
Kitchen ventilation system Limit the use of air conditioners Use electric passenger transport Plant plants around the smelly area
Treatment at a wastewater treatment plant with a capacity of
Amount of domestic solid waste
Place garbage collection and segregation bins on each project area Hire a public environmental company to collect and treat
Collect and store hazardous solid waste in the project area Hire a unit with the function of collecting and treating hazardous solid waste
Air, soil, water and ecosystem environment
The storage system fully meets the technical safety standards Strictly comply with safety technical regulations during import and export Coordinating with relevant authorities to develop an incident handling plan
Fully invested in the maintenance and operation of the wastewater treatment plant Regularly check the drainage system of the resort
Strictly implement the contents of the incident prevention and response program
Build a direct lightning protection system for each separate area
Install lightning protection system Invest according to the progress of infrastructure construction
Construction workers must use labor protection equipment that complies with the current regulations set by the Ministry of Labor, War Invalids, and Social Affairs Additionally, it is essential to regularly monitor the health status of employees in accordance with state regulations.
Gas storage facilities are equipped with sensors to detect gas leaks, ensuring safety The project area is protected by comprehensive lightning protection and fire alarm systems Additionally, a fire extinguisher system is installed in accordance with industry standards for fire prevention and safety.
In the event of an oil spill, it is essential to utilize Oil Sorbent Socks, which are designed to absorb only oil while repelling water Additionally, employing a thermal method for the high-temperature oxidation of organic pollutants in oily wastewater can effectively manage contamination, resulting in the formation of gaseous and solid byproducts.
Install ventilation and ventilation systems at warehouses storing fertilizers and pesticides
Coordinate with authorities to develop plans for incident prevention and response, etc
Table 9: Summary table of the project implementation
Financial Projections
This financial projection outlines the anticipated sales volume and reflects the company's expected assets, liabilities, capital, revenues, and expenses, based on management's knowledge and belief The projections are grounded in hypothetical assumptions and represent management's evaluation of expected conditions and planned actions moving forward.
The company's revenue is mainly generated from its product sales in Quang Ninh, encompassing six key offerings: Deluxe rooms, Standard rooms, Seavillas, Restaurants, Tours, and Golf Based on our sales forecasts for the period from 2026 to 2028, we anticipate a steady revenue growth rate of 10% per year.
Expenses: The Company’s expenses are primarily those of Salaries and wages, Travel,
Meals and entertainment, along with advertising and administrative costs, contribute to the overall expenses, which are determined by management's estimates and industry standards Payroll growth is projected at 20% annually, whereas other expenses are anticipated to increase by 3-5% each year.
Percent of Collections Year 1 Year 2 Year 3
Paid in more than 60 days 40% 40% 40%
Table 10: Account Receivable Days Sales Outstanding
Debtor days allowed: paid in more than 60 days
Depreciation time (Straight-line depreciation):
Fixed Assets Depreciation (years) Real Estate-Land Not Depreciated
Total Revenue $ 113,763,492 $ 125,139,841 $ 137,653,825 Cost of Goods Sold
Total Cost of Goods Sold 37,272,386 40,999,625 45,099,588 Gross Margin 76,491,105 84,140,216 92,554,237
Contract Labor (Not included in payroll) 16,400 16,892 17,399
Total Operating Expenses $ 4,170,400 $ 4,302,352 $ 4,438,605 Income (Before Other Expenses) $ 63,138,734 $ 68,835,306 $ 73,829,661 Other Expenses
Total Other Expenses $ 38,069,534 $ 36,714,347 $ 35,156,083 Net Income Before Income Tax $ 25,069,199 $ 32,120,959 $ 38,673,578 Income Tax $ 5,089,124 $ 6,499,476 $ 7,810,000
Total Equity $ 146,643,228 $ 172,264,711 $ 203,128,289 Total Liabilities and Equity $ 332,842,397 $ 347,589,886 $ 366,062,718
Year 1 Totals Year 2 Totals Year 3 Totals
Accounts Receivable $ 82,544,502 $ 99,265,243 $ 109,191,768 Total Cash Inflows $ 105,297,200 $ 124,293,212 $ 136,722,533
Total Cash Outflows $ 85,748,359 $ 90,089,167 $ 105,377,283 Net Cash Flows $ 19,548,841 $ 34,204,045 $ 31,345,249 Operating Cash Balance
The following table reflects the company's break-even estimates These are based on fixed and variable cost estimates derived from income statement data
Breakeven Sales in Dollars (Annual)
Funding Requirement
Sunshine Homes Development JSC is a publicly listed company renowned for its successful real estate ventures in Vietnam, making it a low-risk investment option for investors Our latest project in the rapidly growing city of Quang Lan, Quang Ninh, is poised to enhance our reputation and attract further investments in the luxury travel sector in the region.
For this project, we expected to raise funds from an internal source (Sunshine Homes Development JSC), financial intermediary (Sacombank) and other investors
Sunshine Homes Development JSC demonstrates high liquidity due to its diverse business investments and a charter capital exceeding 2,500 billion VND, enabling it to finance large-scale projects The company's financial strength is further highlighted by its extensive land bank in major cities like Hanoi, Ho Chi Minh City, Da Nang, and Nha Trang As an integrated ecosystem with numerous subsidiary companies, Sunshine Homes Development JSC maintains control over all project processes For its new project in Quang Lan, the company plans to allocate 30% of the total funding requirement to cover initial costs.
Sacombank is one of the largest commercial banks in Vietnam, providing a stable funding source for significant projects The bank has previously collaborated successfully with Sunshine Homes Development JSC on the Sunshine Venicia Thu Thiem project For this new venture, we are confident that Sacombank will support us with 60% of the total funding requirements, offering competitive interest rates and favorable payment terms.
The rapid development of Quang Ninh, coupled with the success of previous projects, makes this luxury resort an enticing opportunity for both individual and group investors Its prime location in the North enhances its appeal, promising significant potential for investment.