By Ayen Infante
12/06/2010 [ tribune.net.ph ]
Four big-ticket projects, including two energy ventures in solar and wind from China, have expressed keen interest to put up world-class facilities inside the Subic Bay Freeport zone with an estimated cost to total over P1 billion.
Subic Bay Metropolitan Authority (SBMA) administrator Armand Arreza said the proposed solar power project which could cost about P500 million will be located in a 100-hectare property in Pastolan area.
Although Arreza declined to reveal the identities of the foreign firms, he said these are new projects yet to be approved by the SBMA board which he said is still being filled up by Malacañang.
The solar project, he explained has committed to deliver 200 megawatts of capacity while the wind project from another Chinese proponent will be situated in Redondo peninsula.
The third company is into an airline business. All in all, total cost of these new projects could reach over P1 billion, according to Arreza.
These projects do not include the $3-billion additional investments that SBMA hopes to bag before the end of the year or equivalent to an estimated total project cost of near $10 billion for its five-year projection ending 2010.
Arreza added the freeport area have already surpassed its $7.5 billion target under its five-year investments plan during the first half of the year.
With all the key projects that have been committed to come in before the year ends, total investments could hit over $11 billion already, Arreza explained earlier.
But for these major projects to finally come in, Arreza said, Subic has to address first concerns such as relocation and clearing of properties from old structures for illegal settlers.
Arreza said the biggest would be the $1-billion theme park venture of MCastle of Korea which will be occupying an estimated land area of 600 hectares in Morong, Bataan.
Out of the total land area, 200 hectares are classified as protected. The company has an existing operation in China and Korea.
Apart from Mcastle, another Korean firm Heung-A Property Group has expressed keen interest to develop a world-class leissure park composed of an island resort, gold course and a town center.
In partnership with Daewoo Securities, the firm has proposed to spend $1 billion for the planned Neocove project that would also include the development of a mixed use condominium, water park, church and office buildings.
Subic Neocove has already acquired a total land area of 400 hectares.
With the entry of these new projects, SBMA is expected to raise the total cummulative investments of Subic to over $11 billion from $5.9 billion in 2009.
Another major project is the proposed undertakings of Ayala Corp. which Arreza said would be contributing significantly to reach the $3 billion additional investments for 2010.
Arreza said the amount may increase further with other big projects still in the pipeline.
One of these, is the P5 billion investments of Harbour Center which has expressed serious interest to operate a cold storate facility, warehouse for grains, wheat and fertilizer, including an oil depot.
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