By BERNIE CAHILES-MAGKILAT
March 24, 2009, 10:15pm [ ManilaBulletin Online ]
Korean-owned Jangwon Real Estate Development Inc. is investing P3 billion to develop an integrated resort-type residential and commercial complex complete with a language institute in a huge property in Angeles, Pampanga to cater to Korean retirees and their children’s education.
Edgardo Aglipay, chairman of the Philippine Retirement Authority (PRA), revealed this after the project proponent visited his office to present the project, which is scheduled for ground-breaking on April 18 this year.
The huge development called “The River Castle and Learning Institute”, which is a partnership between Jangwon and a Filipino group, is expected to cater to the housing needs of Korean retirees and their children’s education.
The property located along the Subic-Clark expressway is expected to generate economic activities
along this area. At present, economic activities are confined to the two special freeports of Clark and Subic.
“The Koreans are planning for a luxurious village-style condominiums, mansions and town homes and a language institute,” Aglipay said.
Over 13 hectare of land would be developed as the site for a 700-unit condominium building, 105 residential units, 16 store units, a language institute and amenities.
In making the investment decision, the Korean investors have considered the robust real estate in developing countries following losses with mutual funds investments.
The Koreans also noted of the increasing foreign corporate investments in the country with an average 10-15 percent average in value of real estate in the past 10 years. Prices of undervalued properties are also anticipated to rapidly increase in value with more investors purchasing real estates.
The Koreans also noted of the increasing population of foreign nationals who want to spend longer vacation period into the country.
Korean tourists and retirees are the second biggest among foreign nationals in the country accounting for 33 percent after the Chinese with 44 percent of total retirees in the country.
Thus, many Korean and foreign funds are entering the real estate market to cater to the needs of the tourism sector.
