Unicem "Unigolf & Resort, Golf Course Construction in Hongcheon Progressing Smoothly"

[Asia Economy Reporter Hyunseok Yoo] Unichem, a listed company on the KOSPI, is expected to fully launch its golf course operation business through its affiliates starting next year.

Unichem announced on the 4th that its grandchild company, Unigolf & Resort, has finalized the name of the golf course under construction in Hongcheon-gun, Gangwon-do as ‘Cascadia CC’ and plans to begin full-scale operations from the second half of next year.

An official from Unigolf & Resort stated, "We are building a comprehensive resort with a 27-hole public golf course and top-class condominiums and ancillary facilities in the Guman-ri area of Hongcheon-gun, Gangwon-do," adding, "Due to the explosive growth of the domestic golf industry, high profits are expected through the golf course operation business in the future."

Unichem, a company specializing in automotive seat and luxury handbag leather fabrics, is promoting a new golf course-related business through its grandchild company, Unigolf & Resort. The golf course operation business was fully launched last June when Unigolf & Resort acquired the golf course, condominium real estate, and business rights from Samseung L&D.

Unichem’s subsidiary, UniOne, participated in a paid-in capital increase of Unigolf & Resort in September last year, investing 23 billion KRW. The invested funds were entirely used for the construction of ‘Cascadia CC.’ Including previously invested funds, a total of 220 billion KRW is planned to be invested in the construction costs of ‘Cascadia CC.’

Unichem expects that the golf course operation business, mainly promoted by its grandchild company, will gain momentum in the future as the domestic golf population expands and the golf course business thrives amid the prolonged COVID-19 pandemic.

An official from Unichem explained, "The recent sale price of golf courses in the metropolitan area is approaching 10 billion KRW per hole, which has increased the asset value of Unigolf & Resort accordingly," adding, "‘Cascadia CC’ is about 80 km from Gangnam, Seoul, making it easily accessible, and it is expected that many golf users from the metropolitan area will visit the golf course in the future."