$8 MILLION GOLF COURSE PLANNED IN PALAU

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Consortium of Palauan, Chinese, U.S. investors

KOROR, Palau (Palau Horizon, Dec. 9, ,2010) – An $8 million golf course will soon rise in Palau, according to Augustine Mesebeluu, a member of the Melekeok Investment and Finance Authority.

He said the state government is set to give the go signal to the company that will undertake the project.

A Palauan-Chinese-American consortium is behind the project, he added.

"We are in the final stage of the review process. The notice to proceed will be given to the company anytime soon. The project could start early next year," he said.

Mesebeluu said the centerpiece of the project, which will be known as the Palau National Golf Course, will be an 18-hole golf course designed by golf legend Jack Nicklaus.

According to Mesebeluu, the golf course will cover 100 hectares of an area around the national capitol in Ngerulmud.

The project includes a driving range, a golf school, a pro shop and golf clubhouse with a bar and restaurant.

The cost of the project is $8 million and of this amount, $3 million will come from the Development Bank of Palau.

The remaining balance will be raised by investors in Europe and Asia.

The project is expected to be completed in two years time.

Mesebeluu said he is happy that Melekeok was chosen as the site of the project.

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