Bithumb Asset, part of the South Korean cryptocurrency exchange Bithumb ecosystem, is investing an additional 112 billion won (approximately USD 85 million) in Vietnam-based real estate developer Asia Estate to develop a luxury resort in Hoi An, according to South Korean media.
Yonhap Infomax, citing regulatory disclosures dated September 22, reported that Bithumb Asset had participated in Asia Estate’s latest capital increase.
The latest investment brings Bithumb Asset’s total commitment to the company to 169.3 billion won (roughly USD 120 million). Asia Estate is a wholly owned subsidiary established to oversee the group's property development projects in Vietnam.
From Golden Sands to Sunyata
The new funding will primarily support the redevelopment of the former Golden Sands resort at Cua Dai Beach in Hoi An into Sunyata, a five-star beachfront property operating under Hilton’s Conrad luxury hotel brand.
Bithumb acquired the Golden Sands property through Asia Estate in 2022 for approximately 36 billion won (USD 26 million). The existing structures were subsequently demolished to make way for the new development.
The project underwent an extended preparation period before construction gathered pace. Bithumb management said the additional time was used to review architectural plans and refine operational strategies.
The latest capital increase reflects an expansion in the project's scale, including an increase in the planned number of rooms, as well as rising construction material and labour costs.
“We have finalised our partnership agreement with Hilton and are now advancing construction, targeting an official grand opening in 2029,” a Bithumb executive told Yonhap Infomax.
Bithumb has invested around 40 billion won in Asia Estate since 2022, in addition to the latest funding. As the project remains under development, the subsidiary generates virtually no independent revenue and relies heavily on financial support from its parent company.
Yonhap Infomax reported that further funding may be needed over the next three years to cover construction and pre-opening expenses before the resort begins operations.
