Vol. XXI, No. 248 [ BusinessWorld Online ]
Friday, July 18, 2008 | MANILA, PHILIPPINES
SUBIC BAY FREEPORT — Subic Daesung Corp. (SDC), a Korean property developer, will infuse P890 million for the construction of a 13-storey residential condominium, office spaces and a hotel here that will target Korean tourists and retirees.
The company yesterday inaugurated the P120-million three-storey Subic World Plaza and broke ground for the P770-million 13-storey Wellis Conficetel project for a total of P890 million worth of investments.
Subic World Plaza Chairman Kim Tae Wan said both projects are mixed-use commercial buildings that will include condominium and hotel units, restaurants, and retail shops.
Subic World Plaza offers 13 commercial spaces on the ground floor, while its second and third floors will have 54 office spaces and 20 residential units.
Meanwhile, the 13-storey Wellis Conficetel, located within Subic’s central business district, will have 384 hotel and condominium units and state-of-the-art elevator parking.
The Subic World Plaza project started eight months ago and is now ready for occupancy, while the Wellis Conficetel will be completed in one-and-half years.
Mr. Kim said his company is eyeing more projects, including five 17-storey "conficetel" buildings on a three-hectare lot in Subic’s Boton Heights commercial area.
The proposed condominium, office and hotel complex will cost P6.75 billion, Mr. Kim said.
He said they hope to capitalize on the influx of Korean investors and retirees, as well as rising tourist arrivals since the Subic-Clark-Tarlac Expressway was opened.
"Subic has become the Philippines’ prime tourist destination and is now being eyed as the retirement haven of Koreans," Mr. Kim told BusinessWorld.
Subic World Plaza Project Manager Leonardo Mesiano traced the growth of real estate here to the Subic Bay Metropolitan Authority’s marketing program and its partnership with operators of Subic’s tourism facilities.
He said the influx of tourists and retirees has challenged Subic Daesung to come up with innovative ideas like the conficetel concept. — Reynaldo M. Garcia
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