Korean Firm Gets Golf Course License

South Korea’s GS Engineering & Construction Corporation, also known as GS E&C, yesterday received a license to build a new golf course at Cu Chi in Ho Chi Minh City.

HCMC chairman Le Hoang Quan (R, front row) hands the license for the golf course project to GS E&C CEO Kim Kab Ryul at the City Hall yesterday

The 36-hole golf course worth a total of US$42.6 million will cover 200 hectares in the new North West urban area in the outlying district of Cu Chi.
 
The project is scheduled for completion in 2009 and will be in operation for 50 years.
 
Under the agreement initialed with the city’s Department of Planning and Investment, GS E&C will build a road linking the Tan Son Nhat International Airport with the outer beltway in Thu Duc District under the build-transfer (BT) form, at a total cost of over US$340 million.
 
This deal will pave the way for the two sides to undertake a feasibility study for the road project and submit it to the Government for approval.

By Dam Thanh – Translated by Yen Chuong

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