Investment in golf course booms

16:14' 12/06/2007 (GMT+7)

VietNamNet Bridge – There are around 5,000 golfers in Vietnam at present, including 2,000 regular players. Moreover, the number of foreign tourists playing golf in Vietnam is increasing while the country has just 14 golf courses. Therefore, golf projects are attractive to investors. Golf courses + tourism The northern region now has the Hanoi golf course (wholly Japanese owned), Kim No (a joint venture with Thailand), Dai Lai Star, Flamingo Dai Lai, Sky Lake Golf (wholly Korean owned), and Long Son (also with investment from Korea). The Hai Phong People’s Committee has licenced a US$17.3 million 27-hole golf course of Korea’s Mibaek Industrial in Thuy Nguyen district. The Investment Consulting and Corporate Service JS Company (INCONESS) has kicked off the construction of the Dong Thai tourist site in Ninh Binh province, which includes a 54-hole golf course on 740ha of land, with a total investment of $100 million. It is scheduled to be completed in 2015. A newly-established joint venture named Ha Long Bay Group has signed a memorandum of understanding for investment in three big projects: a $400-450 million project to build an international 36-hole golf course, a golf club, 640 villas, 350 high-class villas, 25 coastal villas, an international yacht club, a heliport, an underwater entertainment zone, expanded works and upgrade the Tuan Chau tourist zone on Tuan Chau Island in Quang Ninh province. A project to build a 108-hole golf course on 1,000ha in Yen Trung Lake area in Uong Bi Town, Quang Ninh province is underway, with a complex of six golf courses, a golf practice ground, an international tourist centre, a golf club, 2,000-2,500 high-class villas. Golf courses + resorts The Rang Dong Construction and Installation Company has invested in the Sea Link Golf & Country Club Phan Thiet golf course, which is located on a white sand bank with a total area of 134ha. This is also a closed architecture complex with a five-star hotel of 200 rooms. VinaCapital has cooperated with the Sai Thanh Investment and International Travel JS Company to establish the VinaCapital Hoi An to build the Hoi An Bay Royal resort with initial investment capital of $16 million in Dien Duong commune, Dien Ban district, Quang Nam province. The resort will be on 7.3ha of land, with nearly 100 villas, restaurants, clubs. VinaCapital is also investing $150 million in another resort with a five-star 350-room hotel, villas on 15ha, and a 36-hole golf course on Nam Non Nuoc beach in Da Nang city. This company also plans to invest $200 million in a five-star hotel and four-star hotel, 1,000 apartments, an international school and a shopping mall in Son Tra district, Da Nang city. The Kingdom Hotel Investment group, run by an Arabian princess, has bought the Vegas project in Da Nang city. This group will invest $65 million to build a 150-room hotel and villas on 12ha of land in front of the Marble Mountains. The 20ha plot of land next to the Vegas project will become a complex of hotels, apartments and villas for lease run by Indochina Capital. This investor has also invested $50 million in the Nam Hai resort and is about to invest $48 million in an 18-hole golf course in Quang Nam province. The Ministry of Planning and Investment has licenced the Lado Filter Engineering Co, Ltd of the Republic of Korea to build the Ba Na golf course with registered capital of over $12 million in Hoa Binh and Hoa Phu communes of Hoa Vang District. The project is scheduled to be completed in late 2007. Besides the Ba Na golf course, Da Nang city will have the 36-hole Hoa Hai golf course invested in by VinaCapital, which has been initially approved by the Da Nang People’s Committee. The People’s Committee of the central province of Thua Thien-Hue has just ratified the construction plan of the western part of Hue city totalling 439.3ha, including 136ha for a 36-hole golf course and the remaining for villas, hotels, shopping malls and farms. (Source: VNN)