Golf course to headline Long Bien tourism development

January 30, 2007 | 18:31

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Vincom Joint Stock Company has revealed ambitious plans to invest $125 million in a tourism complex, including a 36-hole golf course, in Hanoi’s Long Bien district.

The project will cater to the many Vietnamese getting into the swing of golf

The company last week delivered project plans to the Hanoi People’s Committee and has subsequently been permitted to implement the project.
The complex will cover an area of 528 hectares which is located between the Vinh Tuy and Thanh Tri bridges spanning the Red River.
This alluvial land, which is currently being used for cultivation with no infrastructure items, belongs to the Long Bien, Cu Khoi and Thach Ban communes of Long Bien district and Gia Lam district’s Dong Du commune.
The project proposes several low-level buildings, a 36-hole golf course, a club house, parking lot, tennis courts, swimming pool, an area for ornamental plants and a bird garden.
A Vincom representative revealed that once the ordinance on dykes and dyke maintenance is reformed, the land area will no longer fall under flood land designation.
The company will then be able to develop the area including construction of buildings and infrastructure.
He also said that of the $125 million pledged for investment, Vincom members would contribute $37.5million, roughly 30 per cent of total capital.
The remaining would be sourced from domestic investors and bank loans.
Vincom is scheduled to begin construction in the second quarter of 2008, with operation planned for 2010.
Golf is becoming an increasingly popular game in Vietnam following the trend of many Asian countries.
However, the high cost of the sport and a lack of courses has slowed its growth in many parts of Vietnam.
The rapid increases in Vietnamese people’s standard of living has prompted developers to re-examine many golf course projects shelved in the late 1990s and early 2000.

No. 798/January 29 - February 4, 2007

By Ngoc Anh

vir.com.vn

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