Vol. XXI, No. 210 [ Business World Online ]
Tuesday, May 27, 2008 | MANILA, PHILIPPINES
SUBIC BAY FREEPORT — Two South Korean companies will put up a P1-billion resort hotel here targeting South Korean, American and Japanese tourists.
South Korea’s MGfnd Subic, Inc. and Subic Rexmier C&D Co., Ltd. signed the investment deal yesterday, Subic Bay Metropolitan Authority (SBMA) Administrator Armand Arreza said in a statement.
"This is a welcome development considering that we expect more tourists coming in after the Subic-Clark-Tarlac Expressway (SCTEx) turned the economic zones in Central Luzon into one super destination for tourists," he said.
The proposed Rexmier Resort and Hotel will be built in a 2.5-hectare lot along Perimeter Road at the Subic Bay Gateway Park. It will cater to the growing market of Korean tourists, as well as tour groups from the United States and Japan.
SBMA Administrator Armand Arreza at yesterday’s contract signing between two Korean investors for a P1-billion hotel project. Rey Garcia
MGfnd Chairman Chang Young Ryu said Subic has a strong Korean business community especially with the presence of Hanjin shipbuilding facility.
The resort-hotel will include 170 condominium-hotel units and a 43-room hotel complemented by facilities such as a 25-meter swimming pool, health and wellness spa, a restaurant bar, gift shops and an indoor golf driving range.
Rexmier President Nam Young Woo said the decision to set up the project in Subic was based on research on the Korean and Philippine tourism markets.
Among the international banking institutions that have committed to provide financial support for the projects include NH Investment and Securities, Industrial Bank, Suhyup Bank, Dae Young Savings Bank and Prime Savings Bank.
The SBMA said Rexmier Resort and Hotel would be among several property development projects slated for implementation at the Subic Bay Freeport starting this year, giving rise to a construction boom in the next few years.
Last month, several other property developers signed investment contracts with the SBMA to build condominiums, hotels, restaurants and other leisure projects.
These included Subic Daesung Corp., which committed to invest $15 million on mixed-used commercial buildings, and power distributor Subic Enerzone Corp., which pledged $10.4 million for a hotel and condominium project.
The SBMA Investor Services Department also said several construction and property management firms have come in in anticipation of the projected building boom.
Among them are Hanil E&C Subic, Inc., which put up $11 million for the design, planning and construction of medium- and high-rise commercial buildings, and 7-Tower Properties and Management Consultants, which committed $125,000 for another real estate management business. — Rey Garcia
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