[ Malaya.com.ph ] June 23, 2008
By IRMA ISIP
Subic Bay Metropolitan Authority (SBMA) administrator Armand C. Arreza said three leisure projects worth at least $300 million will rise in Subic.
The largest will rise near Club Morocco Beach being developed by Sta. Lucia Realty.
The Binictican golf course inside the former naval base will also be developed by a new company.
Another development will rise in Tipo, rolling terrain passed by the SCTExpressway.
"All three major developments will start within the year. Our proximity to Clark via the Subic-Clark-Tarlac expressway encourages us to develop resorts here in Subic," Arreza said.
The resort development projects are concentrated in Tipo and Cawag areas in Zambales, which Arreza said, now complete the zone for the leisure component of Subic Freeport.
Subic Neocove, a Korean company backed up by Daewoo Securities and a Korean shipping firm is initially investing $250 million for the first phase of a 70-hectare golf course and resort development.
He said the firm, through a Philippine subsidiary, consolidated and acquired the property, which is ideal for resort since it has a beach area.
The development also includes villas and condominium.
The area is outside the base but is covered by SBMA for incentives as endorsed by the local government.
Another major development is a $50 million investment of Hanafil Golf & Tour, Inc., the South Korean firm that has been recently awarded the golf course development in Binictican.
Arreza said Hanafil, one of the largest tour operators, has won the bid for a 50-year lease of the 105-hectare property at $350,000 a year plus 5 percent gross revenue sharing. This is four times than what the original lessee Taiwanese-owned UIG International Development Corp. had under its contract of P300,000 a month or P3.6 million a year.
Hanafil will rehabilitate the existing golf course closed down after UIG failed to deliver on the terms of the contract it bagged in 1996.
Hanafil will also build an all-weather golf course according to standards set by the US Professional Golfers Association. It would add 9 more holes to the existing 18 holes.
Hanafil would also construct a 100-unit hotel as well as 80 villas.
Arreza said development, which started last week, would be completed within six years.
He said the Hanafil, a publicly-listed firm, also plans to bring in tourists. This is its first real estate venture.
Arreza said a 150-hectare Tipo area near the entrance of the Freeport is now being rezoned to be a leisure and gaming center from light industrial mixed-use development.
Ideal for ecotourism, the area has a waterfalls and rolling hills. It could also accommodate housing villas.
Arreza also said SBMA is looking for proponents to develop a 220-hectare property in Sabang, Morong just before Anvaya Cove, the leisure community development of Ayala Land Inc.
Of the 220 hectares, 200 hectares are owned by SBMA and private individuals own the remaining 20 hectares where the beach area is located.
Arreza said at least four groups from the Philippines, Dubai, Korea and Hong Kong have expressed interest on the project. A masterplan has already been drawn up.
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