- Construction of golf course, hotel and resort, etc on 6.2 Million㎡ of land in Hai Phong City - Total investment of 380 Billion Won until 2016 in 4 phases - Advance into construction market in Cambodia ...SOC. Development of mixed commercial and residential buildings and residential estates, etc
AMCO, a subsidiary construction company of Hyundai Motor Group of Companies, is commencing development of resorts in earnest in Hai Phong City, Vietnam, which is the biggest in capacity for a single resort.
AMCO (Representative Director: Kim, Chang Hee. www.amco.co.kr) announced on the 18th that the company has recently entered into and executed contract for development of composite resort, the biggest in the country, on 6.2 Million ㎡ (1.88 Million pyeong) of land in Hai Phong City, Vietnam, jointly with the local development company in Vietnam, Mibaek Industry (representative director: Park, Sun Nam), in 4 phases.
Hai Phong City in Vietnam, which had been designated as Special Tourism Estate in 2004, is the largest and foremost harbor and distribution center in Vietnam and the 3rd largest city, following Hanoi and Ho Chi Minh.
The composite resort that AMCO is planning to develop includes 『golf course』,『hotel』,『resort』,『commercial facility』, and 『theme park』. Although other Korean construction companies have constructed rental apartments in the Hai Phong City in the past, it is the first time that a large capacity resort is being planned for development in the history of the city. Furthermore, construction of golf course (27 holes) is first for the Hai Phong City.
For this purpose, 17-member delegation in addition to the Vice-mayor of Hai Phong City, Vietnam, (Mr. Tran Van Hieu) visited headquarters of AMCO, Hae-Beach Hotel and golf course in Jeju that AMCO constructed over the period from the 17th to the 22nd (7 days) and discussed various issues of development investment in depth.
Development of composite resort to be constructed in Hai Phong City will be jointly developed and constructed by AMCO and Mibaek Industry. Total of 380 Billion Won will be invested in 4 phases with entire project scheduled to be completed by 2016.
Key contents of the project include the following: ▲ 1st Phase: 27-hold golf course (1.06 million ㎡, 320,000 pyeong) ▲ 2nd Phase: Hotel, villa and wedding park (1.39 million㎡, 420,000 pyeong) ▲ 3rd Phase: Resort hotel, theme park, commercial facilities (2.21 million ㎡, 670,000 pyeong) ▲ 4th Phase: Water park, amusement park, commercial facilities (1.58 million ㎡, 480,000 pyeong)
AMCO and Mibaek Industry recently established SPC Investment Corporation for the development of the composite resort.
Mr. Kim, Chang Hee, the president of AMCO, stated that “we have completed acquisition of key approvals and permits as well as approval by the government for investment related to development of the resort. In particular, we expect that the development will progress smoothly as the Hai Phong City has strong intention towards successful completion of the project.”
Mr. Kim added that “this region is equipped with all the advantages of heavenly blessed geological location with beautiful natural scenery and lake, with added advantage of accessibility, being reachable within 20 minutes from the city.”
Mibaek Industry has already been granted with approval by the Vietnam government for investment in March last year in relations to the development of the composite resort (1st phase: 27-hole golf course with land area of 1.06 million㎡), and has entered into and executed Memorandum of Understanding (MOU) for the development of hotel and resort project to be pursued in the 2nd and 3rd phase.
AMCO established AMCO Cambodia Co., Ltd., a corporation fully owned by AMCO, in last August, in Cambodia. The company is advancing in to Cambodia market in earnest into areas including construction of social overhead capital (SOC) projects such as roads and harbor, development of mixed residential and commercial building and residential estates, and construction of private and public sector projects.