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South Korean firm to put up P20-B resort in Subic in four years

Posted on June 17, 2013 10:29:29 PM [ BusinessWorld Online ]
A SOUTH KOREAN-owned firm has signed a deal to build a P20-billion resort in the Subic Bay Freeport in the next four years, the Subic Bay Metropolitan Authority (SBMA) said in a statement yesterday.
SBMA and Resom Resort Philippines signed a deal last June 13 to develop a “world-class resort complex” worth some P20 billion in the freeport.
The project has two phases.
The first phase of the project “involves development of a prime waterfront property previously known as the mini-golf course with a gross area of two hectares and a buildable area of 6,000 square meters.”
The second phase will develop the 300-hectare Naval Magazine area.
“Resom is committed to invest P1.2 billion for the construction in [the mini-golf course] area of a luxury hotel with around 300 rooms, convention facilities, pool, spa, restaurants and other support facilities,” SBMA said.
The first phase is targeted to be ready for the Asia-Pacific Economic Cooperation summit in November 2015.
Resom will spend around P19 billion for the second phase of the project which is expected to be completed in four years.
“This will include the construction of a world-class resort complex that will have hotels, condominiums, a theme park, luxury pool villas, casino and gaming operations, a waterpark and spa, health and wellness center, duty free shopping and a championship golf course,” SBMA said.
The agency said it hopes the project “will contribute substantially to the country’s tourism campaign” by attracting both local and foreign visitors.
Resom owns and operates three resorts in South Korea, according to the same statement, citing Ocean Castle, Resom Waterpark and Spa, and the Forest Villa Resort. It also runs a golf course and resort in Weihai, China, the statement added. -- ENJD
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