Ocean Dunes golf course to become urban area

Ocean Dunes golf course to become urban area

The Binh Thuan People’s Committee has just approved in principle to transform the existing Ocean Dunes Golf Club into an urban development area. Located in Phan Thiet province and operational since 1997, Ocean Dunes is operating at a heavy loss and can no longer bear the expense.

According to Le Tien Phuong, chairman of the Binh Thuan People's Committee, local authorities have got the thumbs-up to make the move. The committee will take the necessary steps to submit a final plan to the prime minister for approval.

Nguyen Van Dong, chairman of the Rang Dong Group – the investor in the project – said that when the proposal is finally approved, the group will invest into a multi-function urban area named Blue Sea Street.

What an estimated investment capital of around VND3 trillion ($142.8 million), a third of the investment will be put into infrastructure such as roads, power and water, drainage, parks, and others.

Dong said the changing function of the project will surely increase the efficiency of the land and an estimated VND1 trillion ($47.6 million) in land taxes will go toward the provincial budget.

Dong also said that apart from commercial housing, the investor would develop Blue Sea Street into a modern, environmentally friendly area.

“Blue Sea Street will develop alongside Phan Thiet city and will be a landmark with 30-40 high-rise buildings, villas and houses for living and tourism.

According to a report from Binh Thuan Taxation Department, over the last 10 years total losses sustained by the golf course project have reached VND115 billion ($5.4 million).

Local authorities evaluated the land and found the efficiency of Ocean Dunes was extremely low and making little contribution to the local budget.

At the same time, Phan Thiet city has seen rapid development in terms of both scale and population. The city’s land fund reserved for public purposes is running low on supply, particularly as it was recently upgraded to a second grade city.

The renovation of Ocean Dunes from a golf course to an urban area is a strong move by the city which will resupply the land fund and help support the city’s goal to modernise and attract its core business – tourism.

By Ngoc Tuan

Ocean Dunes golf course to become urban area Related image(s)