Investment licences for a five-star resort and golf course have been granted to Indochina Land Holdings, a subsidiary of Hong Kong-based Indochina Capital.

Chairman of Da Nang People´s Committee, Tran Van Minh presented a license last Friday to Indochina Capital´s managing director, Peter Ryder.

Under the licence, Indochina Land will invest US$80 million to develop a five-star resort on 20ha in Ngu Hanh Son District.

Construction of the resort, which includes a 250-room hotel, 150 apartments, 40 luxurious villas and other facilities, will begin later this year and be completed in mid-2009.

On the same day, Indochina Land received another licence from the provincial authority of Quang Nam for a US$38 million golf course.

The 18-hole golf course is located in the province´s Dien Ban District.

The two new licences bring the number of property projects invested by Indochina Land in Vietnam to ten, comprising seven residential complexes and resorts and three golf courses.

Ryder said Indochina Land has poured more than $1 billion into these resorts, apartments, office buildings and golf course projects.

The company´s capital contributions to projects in Da Nang and Quang Nam alone amount to more than $200 million.