[ Manila Bulletin Online ] February 2, 2009
By BERNIE CAHILES-MAGKILAT
Korean-owned Philippine BXT Corp. (BXT) has raised its investments in a luxury hotel and spa facility in Maribago, Lapu-Lapu City to P6 billion from P4 billion with the addition of P2 billion 18-hole golf course development.
BXT president Park Jong Hwan told reporters at the turnover ceremony of the Presidential Proclamation of the Imperial Palace Waterpark Resort and Spa into a tourism economic zone they are spending P4 billion for the 8-hectare tourist-accommodation facility.
Park said the additional P2 billion investments would be used to complete the entire facility including the development of an existing 36-hectare property in Cordova, Cebu into a golf course. The golf course development is expected to cover a total of 50 hectares once the local government completes the processing of the additional property.
Development of the golf course is expected to be competed in one and a half years.
Philippine Economic Zone Authority Director-General Lilia B. De Lima has turned over to Park the Presidential Proclamation, which was signed by President Gloria Arroyo on November 28, 2008.
As a tourism ecozone, the project is entitled to government tax break such as income tax holiday incentive and zero duty on the importation of capital equipment, among others.
Park said the hotel and spa facility is scheduled for a soft opening in April this year with 1,100 direct employes. During the construction period, the project employs over 2,000 workers.
The newest resort and spa facility consists of six medium rise condominium hotels. It offers 557 deluxe and suite rooms with ocean views including 24 pool villas with their own private pools and Jacuzzis.
Park said that only 280 of the total number of rooms would be sold. The company has also sold 160 units to Korean businessmen and will start its marketing blitz for Manila businessmen this month.
The most affordable unit at Imperial Palace Cebu is tagged at P10 million and the most expensive is P15 million.
Other amenities at the luxurious facilities include an 6,188 square meter pool, full-service spa and wellness center, a private beach, promenade decks. It also features fine dining restaurants that offer a combination of cuisines from around the world.
The Imperial Palace Cebu is the third huge development of the BXT group since it started resort development in 2005. The first two are Imperial Palace Hotel in Korea and Fukuoka, Japan.
BXT stands for the company’s original business called Busan Express Bus Terminal in Busan, South Korea.(BCM)
________________________________________________________________________
