Vinacapital Danang golf course project changes name, nature of land use

The Vinacapital Danang Golf Course project in the central city of Danang will be renamed the “New Town Hi-end Sport Service and Commercial Urban Area,” the municipal administration has decided.

A decision recently issued by the Danang People’s Committee has changed the project investor’s name from Vinacapital Danang Golf Course Company Limited to New Town Development Company Limited.

The committee has allowed New Town Development Company Limited to change the project’s land use right from land lease with a one-off rental payment for 70 years to land allocation with land use fees payable for 50 years.

It also assigned the municipal Department of Natural Resources and Environment to determine financial obligations of the New Town project in accordance with regulations and sign a land lease contract with the company.

The People's Committee of Ngu Hanh Son district was assigned to coordinate with the municipal Department of Construction and related units to carry out compensation and site clearance for the project.

Initially, the Vinacapital Golf Course project was divided into two phases. The first phase would include a five-star 350-room beach resort, a 10-hectare beachfront villa area called Dunes and an 18-hole golf course named The Dunes Danang. The second phase would feature two hotels, one cultural village, a national convention center, a 30-hectare residential area, 33-storey twin towers for apartments and a second 18-hole golf course named Heritage.

Work on The Dunes Da Nang golf course, with a total investment of over $130 million, began in 2008 and was completed in 2010. However, this project was later sold to BRG Group and renamed BRG Danang Golf Course.

New Town Development Company Limited is headquartered on Truong Sa road, Hoa Hai ward, Ngu Hanh Son district. It was established in December 2006, with Bui Trung Kien as its legal representative.

The owner of this business was originally the VinaCapital Opportunity Fund (VOF). However, in mid-2016, this fund sold all shares in VinaCapital Danang to An Phu Import-Export Investment and Trading Company Limited for $12.2 million.

In March 2018, the new owner of Vinacapital Danang was identified as Mondial - Hue Tourist Company Limited. On June 25, 2020, Vinacapital Danang had a charter capital of VND1 trillion ($40.73 million).

Mondial - Hue was established in 2003 with an initial charter capital of VND30 billion ($1.22 million). As of June 23, 2020, its charter capital had increased to VND2.15 trillion ($87.6 million).