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Laolao Bay Golf Resort to unveil new clubhouse
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Posted on Dec 17 2008
Saipan LauLau Development will unveil the new clubhouse at the Laolao Bay Golf Resort in a ceremony tomorrow.
Leading the opening ceremony will be no less than the company’s president Yun Kim. Gov. Benigno R. Fitial and other government officials and VIPs from the private sector are expected to attend the event.
The construction of the new clubhouse is part of the $60-million Golftel project of Saipan Laulau. The investment originally was pegged at $68 million, but the global recession and the decreasing value of the won prompted Saipan LauLau to scale back the project by $8 million.
From an original July 1, 2009, completion date, the Golftel project is now penciled to be finished by the end of next year.
The company’s Golftel project includes the construction of two Golftel towers with 73 condo units, a tee house, staff housing, and the lengthening of the Greg Norman-designed golf course.
Saipan Laulau’s parent company, KUMHO Asiana, acquired the sprawling LaoLao Bay Golf Resort property in Kagman on Feb. 28, 2007.
The 8th largest family-run conglomerate in South Korea, Kumho Asiana has more than two dozen subsidiaries in such industries as automotive, construction, leisure, logistics, real estate development, chemicals, and airlines. Established in 1946, the group’s headquarters are in Sinmunro Jongro-gu Seoul, Korea.
