Authorities of Hoa Binh province, about 80 kilometers west of Hanoi, has approved the Yen Thuy golf course, resort and tourism project of FLC Group, a leading property developer in Vietnam.
The project, capitalized at VND2,883 billion ($126 million), will be located across over 150 hectares of Huu Loi commune, Yen Thuy district and has a lifespan of 50 years. It will include a 36-hole golf course, a 5-star hotel, a convention center and resorts.
Of the $126 million in investment capital, more than 15% is equity and the remainder bank loans.
FLC is expected to complete legal procedures for the project before July 2022. Construction is set to take place from August 2022 to the end of July 2026.
The hotel, resort and conference center segment will be put into use from August 2024, while the golf course and ancillary works will be up and running from August 2026.
In Hoa Binh, FLC is also studying two other projects, including the 19.2-hectare Quynh Lam multi-function center project in Hoa Binh town and the 163-hectare Tong Dau eco-tourism urban project in Mai Chau district.
FLC has completed a study for the 981-hectare Thung Nai entertainment, sports, eco-urban and resort complex in the northern province's Cao Phong and Tan Lac districts. Hoa Binh is expected to approve detailed plans for the project in April this year, and it might break ground in June.
FLC Group, listed on the Ho Chi Minh Stock Exchange, is the investor behind many residential buildings in Hanoi via acquisitions. Its other major projects include FLC Samson Beach & Golf Resort in Thanh Hoa province, FLC Quy Nhon Beach & Golf Resort in Binh Dinh province, and FLC Ha Long in Quang Ninh province. The group also owns Bamboo Airways.