3:05:24 PM | 11/10/2007
South Korea’s ElectroLand has teamed up with the joint venture Phu My Development Joint Stock Company to start construction of US$250 million golf course and resort project in the southern Binh Duong province, state media said.
The project will cover 165 hectares in the Binh Duong Industrial Service Urban Complex. It will be home to an international standard 27-hole golf course, recreational facilities, hotel, convention center, residential properties, and an international school.
Phu My Company has legal capital of US$24 million with 65 per cent belonging to the foreign partner.
The property will be built and managed by Phu My Development Joint Stock Company which is a 65:35 joint venture between South Korea’ s Electroland Co. and Binh Duong Production and Trading Co.
The project will be built in three phases with the golf club included in the first phase and expected to be operational in September 2008.
In the first phase, the group will invest US$36 million, an official of ElectroLand said.
The cultural and residential resort, to be called Twin Doves and open in January, 2009, would “contribute to the social and cultural development of Binh Duong Province and the entire country,” Hong Bong Chul, general director of Phu My Co, said.
“We are determined to provide the most wonderful golf-playing experience by building the best golf club in Vietnam, an experience that will not be found elsewhere,” he said.
South Korea is the second-largest foreign investor after Taiwan in Binh Duong, an attractive destination for golfers with beautiful landscapes, year-round temperate climate, and good traffic infrastructure. (Vietnam Banking Times)
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