Posted on 11:16 PM, July 29, 2010 [ BusinessWorld Online ]
SUBIC FREE PORT -- Businessman Antonio “Tony Boy” O. Cojuangco is expanding a beach resort and hotel project here with the infusion of P300 million in fresh investments.
“The Nabasan area will be one of the next top destinations inside Subic free port,” Subic Bay Metropolitan Authority (SBMA) Administrator Armand C. Arreza said shortly after the contract signing for the P300-million project.
Mr. Cojuangco, chairman of Nabasan Subic Development Corp., is developing areas adjoining the former Nabasan Wharf beach into a hotel and resort, initially committing to invest P500 million.
Nabasan Beach is popular among tourists. The beach area is also a favorite spot of scuba divers wanting to explore marine life and underwater wrecks in Subic.
SBMA deputy administrator Stefani C. Saño said Mr. Cojuangco had expressed interest to take over the rehabilitation of the Subic golf course, including the construction of a five-star hotel and luxury villas.
Mr. Saño said Hanafil Golf and Tour, Inc., the operator and developer of the 18-hole Subic golf course, was negotiating the final terms and conditions for Mr. Cojuangco to take over the golf course.
Mr. Saño said Benjamin John Defensor III, chief executive and president of Hanafil, had informed the SBMA of negotiations with Mr. Cojuangco.
Hanafil had committed to invest $48 million for the redevelopment of the 18-hole Binictican golf course, which was closed last year. However, golf club members are complaining of the supposedly slow pace of development.
A total of 26 tourism-related expansion projects of existing locators, with a combined total investment commitment of $1 billion, were processed by the SBMA in the first six months of the year.
The top 10 expansion projects for the first half are those of Korean property developer M Castle Subic Philippines, Inc. ($1 billion), Nabasan ($6,521,739), Grande Island resort developer GFTG Property Holdings ($2,223,222), Royal Duty Free Shops, Inc. ($2,127,659), Aggressive North Developers, Inc. ($1,063,829), Gerry’s Grill Restaurant operator James Fausto Corp. ($891,304), Segara Villas and Promenade Commercial Building owner Global Hotel and Leisure Properties ($666,667), computer and Internet cyber shops operator Jemeryk Portal System ($652,173), Freeport Sarang ($250,000), and Starbucks franchise holder R. Joseph Holdings ($217,391). -- Rey Garci
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