Hoban Construction is looking for a buyer for Sky Valley Country Club, one of its golf courses, industry sources said on September 18.
Sky Valley CC is a 36-hole golf course in Yeoju, Gyeonggi Province. Samil PwC has been hired to arrange the sale process.
The South Korean company appears to have decided that it is the right time for a sale, industry watchers said, because investor interest in golf clubs is picking up with warm winter weather and Covid-19 travel restrictions brining more people to the sport.
The auction for Golden Bay Golf & Resort, a 27-hole golf club put up for sale by Hanwha Hotels & Resorts, attracted several bidders earlier this month. Ansung Q, an 18-hole golf course owned by private equity firm Keistone Partners, also received more than five binding offers last week. Doosan Heavy Industries & Construction’s golf resort Club Mow CC was also sold to Moa Construction at 185 billion won, or a record 6.8 billion won per hole, in August.
“(Hoban Construction) appears to be seeking to secure more cash by selling Sky Valley CC,” an industry insider said. “There is also a possibility that it could put its other golf clubs up for sale.”
The company has two more golf clubs, H1 Club and Seo Seoul CC, in Gyeonggi Province.
“Sky Valley CC is bigger than other golf clubs on the market and is also close to Seoul,” another industry insider said. “The auction will likely attract many bidders given its advantages.” (Reporting by Byung-yoon Kim)