Ten years ago there were hardly any golf courses in Vietnam.
Today, about 25 or so are either planned or under construction, and that could mushroom to three figures within a decade. Almost all will have some residential component, says David Blackhall, deputy managing director, real estate, at VinaCapital, Vietnam's largest asset manager.
'Vietnam is moving into a new development phase of ambitious, high-end resort projects that incorporate a residential component. Despite both global and local macroeconomic challenges, foreign direct investment is again beginning to pick up in Vietnam and confidence is returning, but this time, as domestic wealth increases, local investors are far more active than foreign investors.'
Vietnam has also caught the attention of golf legend Greg Norman, who designed the 18-hole links course at Danang Beach Resort, and put his signature on a select number of prestigious homes around it.
Situated on the beachfront, Danang Beach Resort won this year's Bloomberg award for Best Golf Development in Asia, putting it in the running for a global prize later this year.
Developed by VinaCapital, the resort also features a 5-star hotel, beach club and up-market commercial precinct.
The residential component is designed as individual clusters to offer different designs and create several unique enclaves that are all quite different beach or golf-frontage homes.
Villas in the top-end Norman Estate start at US$1 million, going up to US$2.5 million, while Ocean Villas and The Dunes Residences are available from US$500,000.