A golf course complex costing VND5.5 trillion (USD260.5 million) will be built in Thanh Hoa Province despite abundant supply in the market.
The FLC Group, a Vietnamese investor, plans to start construction on a golf course and international resort complex, to be called FLC Samson Golf Links, in Sam Son Township on May 4.
This is to be the group’s first investment project in Thanh Hoa and is expected to kick-start a series of investment projects by FLC in the locality.
The 18-hole golf course will cover an area of 92.49 hectares, and has stirred up concern over its feasibility in the context of a market slump. Several other golf courses have been taking losses recently, with some even closing.
Phan Thiet golf course recently closed Rang Dong JSC Company recently announced the closure of Phan Thiet golf course in April. The investor changed the land use for the golf course project to urban development.
A report from the Binh Thuan provincial Department of Tax showed that the Phan Thiet golf course incurred a combined loss of VND115 billion (USD5.44 million) over the past decade.
Statistics from the Ministry of Planning and Investment showed that, by the end of April, only 29 out of total 90 approved golf course projects have been in operation.
In response to the notion that Vietnam is at risk of suffering a golf course “crisis”, Jeff Puchalski, Managing Director of Fore Golf Asia, a golf course management consultancy company, said that the law of supply and demand would regulate golf courses in this country.
“If there are not enough golfers fill the courses, it’s obvious that investors will not continue to invest in this area,” he commented.
Đăng ký: VietNam News