The Sacom resort, some five kilometers from the heart of Dalat City, covers more than 270 hectares, and is part of Tuyen Lam Lake Tourist Zone, said Do Van Trac, general director of Sacom.

Trac told reporters the project would include an 18-hole golf course meeting international standard, a five-star hotel and a four-star hotel, and 400 villas, able to accommodate 1,250 people at a time. It also has a convention center, a sport center, an entertainment area, a commercial center and boat service.

He noted his company beat two foreign investors from South Korea and Taiwan to win the project, which will be implemented in two phases. The Golf Club, the 18-hole golf course and villas will be finished in the first phase extended to late 2010, while remaining facilities will be finished 2012, Trac said.

He said the investment capital for the project, equivalent to US$133 million, will be sourced from Sacom itself and bank loans plus capital from some local companies like listed peers REE and Hapaco, and the Bank for Investment and Development of Vietnam (or BIDV).

Tuyen Lam, an area of 2,827 hectares intertwined by creeks, springs, hills and a large lake, and is close to the magnificent Datanla Fall, has been envisioned to become a major tourist destination of the country.

Up till now, Lam Dong authorities have approved projects by 33 investors to build resorts, golf courses, and tourist facilities in Tuyen Lam with total pledged capital of over VND4.8 trillion, or some US$300 million.

Under a master plan approved by the provincial government, Tuyen Lam will have ten different sections including the just-mentioned tourist villa section of 150 hectares, a section of high-class resorts of 550 hectares, an entertainment and conference area of 346 hectares, a golf area of over 160 hectares, and others.

By 2010, the zone should have 6,800 luxury rooms to welcome an expected number of around one million guests a year.

Lam Dong authorities also have plans to build a heliport to cater to tourists, a rescue station, and seven wharves in the zone. The cable maker Sacom is expanding operations into real estate and financial sectors.

Besides the project, it also has plans to start work on an residential area on 50 hectares in Nhon Trach in Dong Nai Province, and an office and apartment building on Dien Bien Phu Street in HCMC's Binh Thanh District.

It also will cooperate with other local companies like REE, BIDV, and Hapaco to develop a 630-hectare industrial and service zone in the northern port city of Haiphong.

"Our strategy is to invest 30% of our capital in real estate, 30% in finance and 40% in our core business," he said.

Source: Saigon Times