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Installation of key infrastructure, including hotels and resorts, at Sabrang Tourism Park (STP) will begin soon as land development has been done, people familiar with this matter have said.
The Bangladesh Economic Zones Authority (BEZA) is also awaiting a project's approval to establish required utility services, lake and golf course there.
"Investors can kick off their construction work in the park immediately after getting the layout from us since we've completed land-filling very recently," said BEZA executive chairman Shaikh Yusuf Harun.
Simultaneously, the BEZA itself will begin the construction of common facilities after a project gets the nod from the Planning Commission, he added.
The BEZA is the state agency for regulating and developing the economic zones in the country.
According to data available with the BEZA, a total of 21 investors, including Singapore's Inter-Asia group and the Netherlands' Lizard Sports BV, have got allocation of 97 acres of land in the park.
Their proposed investment is around $368 million.
In the latest development, three local companies got land allocation in the STP such as Strategic Finance Limited, Sanjana Fabrics Ltd and OMC Ltd.
They inked land lease agreements with the BEZA last week.
As proposed, SFL Hotel & Resort Ltd, a subsidiary of Strategic Finance, will invest $16 million to establish a hotel and resort there.
It is expected to create 1,000 jobs.
At the deal-signing ceremony, Strategic Finance chairman Chowdhury Nafiz Sharafat said his company has been involved in hospitality businesses since 2008.
"We wish to begin the construction of the proposed five-star hotel there soon," he said.
A process is well underway to bring Marriott International, a multinational company that operates, franchises and licenses hospitality properties, there.
Sanjana Fabrics will build a hotel and resort on a three-acre plot making an investment of $20 million and creating employment for 365 people.
Sanjana managing director Sohrab Hossain said they were looking to diversify their business into the tourism sector through the deal with the BEZA.
OMC Ltd is getting two acres of land for investing $7.0 million while generating at least 315 jobs.
According to Rizwan Mannan, a director of the company, Bangladesh's tourism sector holds huge potential with its growing economy.
OMC would set up a five-star hotel at Sabrang and try to draw foreign investors, he added.
BEZA sources said a master plan for development of the Sabrang Park was approved by the Prime Minister's Office in early 2020.
Following this, land-filling in two phases and establishment of an embankment has been completed.
Sabrang Tourism Park is being built on an area of 940 acres in Teknaf upazila of Cox's Bazar, the key tourism attraction of the country.
The park is expected to create around 15,000 direct and indirect jobs when it comes into operation.
A feasibility study is now in its final stage to install an 8.5 kilometre cable car from Marine Drive to the STP connecting Netong Hill.
With a view to attracting increased numbers of foreign tourists, the park will have an exclusive zone for foreign tourists over a hundred acres.
The BEZA is implementing three tourism parks aiming to give an impetus to the country's tourism sector.
The remaining two are Sonadia Ecotourism Park and Naf Tourism Park.