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Korean firm to infuse US$4.5M in Clark

Thursday, July 24, 2008 [ ]

CLARK FREEPORT -- Officials of the Clark Development Corporation (CDC) have forged an agreement with the New Well Being Spa City Corporation for the establishment of a US$4.5 million project.

Cho Young Ho, president of New Well Being Spa Corp., said the successful operations of the firm led to the establishment of new firm - Ritzville Corporation, which signed the lease agreement with the CDC.

CDC president Liberato Laus represented the state-owned firm during the signing of the agreement with New Well Being Spa Corporation officials led by Ho, who is also president of Ritzville Corporation. The signing was held at the Carworld Corporate Headquarters in the City of San Fernando.

Laus said the new Korean firm will be built in a 5.5-hectare area near the New Well Being spa. The Korean firm plans to construct high-end residential villas, specialty restaurants, and other tourism-related facilities.

The project, he added, is expected to complement the spa and the other amenities of New Well Being like the recently completed condominium-hotel that caters Korean and other foreign tourists.

During the signing, Laus and Cho were accompanied by Ritzville Corporation Director Ki Young Hong.

Other amenities of New Well Being spa are gift and coffee shops, lounge and swimming pool located at the former Red Wood Villa club house.

Laus said he signed his first lease agreement with Cho shortly after being appointed by President Gloria Macapagal-Arroyo as president and chief executive officer of the state-owned firm in October 2006.

He noted that New Well Being Spa Corporation leased a 1.2-hectare area here, which transformed the former Red Wood club houses into a world-class tourism project inside the Clark Freeport. (RGN)


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