Lam Dong provincial People’s Committee has approved the adjustment of the investment project for the Thien Ma – Madagui – Polo and Horse Performance Club in Da Huoai district.

The project registered by Thien Ma – Madagui JSC was initially designed to cover an area of 69.81 hectares and have investment capital of VND1,548.6 billion, including VND1.3 trillion worth of investor’s capital and loans. 

In 2011-2014, the project changed the investment registration certificates three times. With the latest adjustment, it is now a horse and dog racing project.

The project is developed to take full advantage of local tourism, and increase local budget revenue. Horse and dog racing events will be organized if the racing field can meet requirements.

The project developer has nearly competed the 2,000 meter horse race and related supporting items.

Regarding construction density, there will be 3.5 hectares of roofed construction works, 23.8 hectares of land without roof, and 1.8 hectares of roads.

From now to November 2025, the investor will have to implement a committed capital contribution roadmap – contributing VND233.6 billion of capital and mobilizing VND1.315 trillion from credit institutions.

As of October 2023, Thien Ma had implemented some items, including land leasing, environmental impact assessment, and the planning and building of transport roads and offices. The total disbursed capital has reached VND160 billion.

Under the latest decision released by Lam Dong authorities, the Thien Ma – Madagui – Polo and Horse Performance Club would receive an extension of 24 months, or until November 2025.

The investor will have to complete investment procedures and invest in horse and dog races, as well as support items by June 2024. The dog race must be completed by December 2024, while the project must be ready to be put into operation in 2025.

In 2007, Lam Dong provincial authorities allowed Hong Lam – Madagui Co Ltd to develop the Da Huoai horse raising and training center and tourism project with land coverage of 335.86 hectares. The project will raise and train racehorses, and develop a golf course, hotel and resort.

Thien Ma JSC operated a horse racing track until 2011. Thien Ma then joined forces with Hong Lam Company, splitting the 335.86 hectare project into three component projects.

Thien Ma will be the developer of the Thien Ma horse race and Polo and horse performance club, while Hong Lam will be the owner of a horse raising center and golf course.

Anh Phuong