June 07, 2009 05:00 PM Sunday [ journal.com.ph ]
CLARK Freeport – President Macapagal-Arroyo witnessed the signing of two agreements between Clark Development Corp. and a South Korean firm worth P718 million of investment last May 31.
The signing of the Memorandum of Understanding and a lease agreement was held during the ASEAN-Korea Leaders’ meeting in South Korea.
CDC president Benigno N. Ricafort and Donggwang Clark Corp. chairman Shin Kun Lee signed the MOU for two vital road projects on the Sacobia Valley dubbed the Next Frontier.
Ricafort said these roads include the 1.8-kilometer Spine road project and a 4.5-kilometer East Road 2 connecting the Next Frontier with MacArthur Highway worth P218 million.
These roads are in support of the 300-hectare tourism estate to be developed by Donggwang in the Next Frontier area. The $200-million resort complex will initially employ 1,000 workers. Construction will start upon CDC’s approval of the plan, Ricafort said.
He said the road projects will be built “with no cash out” on the part of the CDC “and will be considered as advance lease rentals following standard government procedures.”
Ricafort and Lee also signed an agreement for the lease of a 1.69-hectare lot for a 10-story, mixed-use property development with a minimum investment of P500 million. Bernard Galang
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