Dat Xanh Real Estate approves to acquire over US$60 million golf course project in Cam Ranh
December 25, 2017 | 07:31 AM GMT+7
After over seven years, Cam Ranh Golf Course and Ecological Villa project is still on paper.
There are just some of the golf courses in Khanh Hoa put into operation.
On December 20, 2017, the Board of Directors of Dat Xanh Real Estate Service & Constructions Corporation approved to purchase more than 28,65 million shares, equivalent to 90.83 per cent charter capital of Nha Trang Gas Oil Investment.
The company auctioned is the investor of the Cam Ranh Golf Course and Ecological Villa Project located in Khanh Hoa province.
The project kicked off in May 2010 with a total investment of VND1,400 billion (roughly US$61.74 million) is located in an area of 172ha. It includes a 36-hole golf course and ancillary facilities, international conference center; 5-star hotel and eco-resort, low-rise residential area.
The project is a part of the overall development plan of Cam Ranh tourist area as well as the area along Vinh Binh - Cu Hin route.
Nha Trang Gas Oil Investment has the charter capital of VND300 billion (roughly US$13.23 million) contributed by shareholders including Petrovietnam Construction (PVC), Petro Capital and Infrastructure Investment (PetroLand), PetroVietnam FinanceCorporation (PVFC) and Song Hong Construction (Incomex).
In August 2017, PVC signed a contract with PetroVietnam Securities Incorporated (PSI) to divest its stake in Nha Trang Gas Oil Investment through auctions.
If the deal is gained, Dat Xanh Real Estate will continue to expand investment in the field of real estate resort after a long time concentrating its investment on high-rise apartment projects in Ho Chi Minh City. Currently, the company is also investing in an urban resort in Hoi An with the total investment capital of VND4,600 billion (roughly US$202.87 million).
Cam Ranh Golf Course and Ecological Villa project is one of the two golf course projects that are allowed to be deployed on Cam Ranh peninsula, a booming area of real estate investments with such projects as Movenpick Cam Ranh Resort, The Arena, Vinpear.
At the beginning of this year, the Prime Minister approved the investment of the 27-hole Lotus Cam Ranh golf course proposed by KN Cam Ranh Company with a total investment of VND600 billion (roughly US$26.46 million). This golf course is a part of an 800ha resort area owned by entrepreneur Le Van Kiem, owner of Long Thanh golf course in Dong Nai province.
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