Developers take giant swing at golf bonanza

Developers hope the projects will be up top par with players’ expectations

Although only around 4,000 Vietnamese currently play golf, the number is growing as high economic growth and growing prosperity are giving more people the time and money to swing a club. Tourism and rising foreign investment are also bringing more golfers to Vietnam.
Most golf courses are designed with villas which are typically sold or leased as vacation homes to golfers.
The areas around Hanoi have proven attractive to golf course developers, but other areas in the north such as Haiphong, Hung Yen, Vinh Phuc and Ninh Binh, which are around 100 kilometres from the capital city, are also drawing investor interest.
Provincial authorities have permitted the first golf course to be built in Hung Yen’s Van Giang district. Developed by South Korea’s Bridge Inter Line Leisure Co on 180 hectares, the golf course will feature 36 holes, a 400-room five-star hotel and 550 villas for lease.
The project, which will cost $70 million to build, is close to two other golf courses being developed in Hanoi, including the $98 million golf resort in Thanh Tri district proposed by Bitexco and Vincom’s $125 million golf and entertainment complex in Long Bien district.
Other developers are concentrating on this area, including Viet Hung Urban Development and Investment Joint Stock Co, which has contracted with Singapore urban planner CPG to work out a detailed plan for a 500-hectare new urban centre development in Van Giang district.
Golf course developers are also setting sights on Haiphong. South Korean’s Mibeak Group has been in talks with the Haiphong People’s Committee on a plan to build a golf course and resort in Thuy Nguyen district.
Earlier this year, Mibeak proposed to invest $330 million in the project, which would be carried out in three phases, the first to be capitalised at $27 million. The whole project is expected to be completed in 2020.
Once the project is built, it will be the second golf course in Haiphong. Currently, Ngan Anh Tourism and Trading Joint Stock Co are building an 18-hole golf and residential complex in Do Son.
Last week also saw construction commence on another golf resort in Ninh Binh province, 100km to the south of Hanoi. Built on 770ha by Investment Consultant and Enterprise Support Service Joint Stock Co, this would become the second 54-hole facility in the country after the Phoenix project built by South Korea’s Charmvit Group in Hoa Binh province.
The new projects will join currently operating golf courses such as Kings Island in Ha Tay, Chi Linh Star Golf in Vinh Phuc, Hanoi Golf in Hanoi and Tam Dao Golf resort in Vinh Phuc provinces. Three others are already under construction, including Dai Lai and Dam Vac in Vinh Phuc and Sky Lake in Ha Tay.