Hotel & Tours Group

Thai Nordic Property, a property development based in Hua Hin, has delayed its second phase Bt2-billion 18-hole golf course and residential project to next year as its parent company has been hit by the effects of the global recession.

The Thai-Cyprus joint venture, in which Thai investors hold 70 per cent, with 30 per cent by Cyprus-based Zam Gate Investment, is engaged in condominium, villa, and golf course projects in Hua Hin through its two subsidiaries - Black Mountain Resort and Country Club and BMG Summer Club.

Zam Gate Investment is owned by Swedish investor Stig Notlov, a former major shareholder of a Swedish construction and materials firm. Thai Nordic Property's first-phase 18-hole golf course, named Black Mountain Golf Club Hua Hin, began construction in 2007 on 500 rais in Hua Hin.

The company has now completed its first-phase 18-hole golf course project and expected to complete such other residential projects as luxury villas and condominium in March before the Black Mountain Master Open golf tournament, which will be held from March 23-29 as an Asian Tour event.