Korean developers to set up P1-B resort hotel in Subic
SUBIC BAY FREEPORT, Philippines Two South Korean companies will put up a P1-billion resort hotel here targeting South Korean, American and Japanese tourists.
South Korea’s MGfnd Subic, Inc. and Subic Rexmier C&D Co., Ltd. signed the investment deal Monday, Subic Bay Metropolitan Authority (SBMA) Administrator Armand Arreza said in a statement.
"This is a welcome development considering that we expect more tourists coming in after the Subic-Clark-Tarlac Expressway (SCTEx) turned the economic zones in Central Luzon into one super destination for tourists," he said.
The proposed Rexmier Resort and Hotel will be built in a 2.5-hectare lot along Perimeter Road at the Subic Bay Gateway Park. It will cater to the growing market of Korean tourists, as well as tour groups from the United States and Japan.
MGfnd Chairman Chang Young Ryu said Subic has a strong Korean business community especially with the presence of Hanjin shipbuilding facility.
The resort-hotel will include 170 condominium-hotel units and a 43-room hotel complemented by facilities such as a 25-meter swimming pool, health and wellness spa, a restaurant bar, gift shops and an indoor golf driving range.
Rexmier President Nam Young Woo said the decision to set up the project in Subic was based on research on the Korean and Philippine tourism markets.
Among the international banking institutions that have committed to provide financial support for the projects include NH Investment and Securities, Industrial Bank, Suhyup Bank, Dae Young Savings Bank and Prime Savings Bank.
The SBMA said Rexmier Resort and Hotel would be among several property development projects slated for implementation at the Subic Bay Freeport starting this year, giving rise to a construction boom in the next few years.
Last month, several other property developers signed investment contracts with the SBMA to build condominiums, hotels, restaurants and other leisure projects.
These included Subic Daesung Corp., which committed to invest $15 million on mixed-used commercial buildings, and power distributor Subic Enerzone Corp., which pledged $10.4 million for a hotel and condominium project.
The SBMA Investor Services Department also said several construction and property management firms have come in in anticipation of the projected building boom.
Among them are Hanil E&C Subic, Inc., which put up $11 million for the design, planning and construction of medium- and high-rise commercial buildings, and 7-Tower Properties and Management Consultants, which committed $125,000 for another real estate management business. - Rey Garcia, BusinessWorld
South Korea’s MGfnd Subic, Inc. and Subic Rexmier C&D Co., Ltd. signed the investment deal Monday, Subic Bay Metropolitan Authority (SBMA) Administrator Armand Arreza said in a statement.
"This is a welcome development considering that we expect more tourists coming in after the Subic-Clark-Tarlac Expressway (SCTEx) turned the economic zones in Central Luzon into one super destination for tourists," he said.
The proposed Rexmier Resort and Hotel will be built in a 2.5-hectare lot along Perimeter Road at the Subic Bay Gateway Park. It will cater to the growing market of Korean tourists, as well as tour groups from the United States and Japan.
MGfnd Chairman Chang Young Ryu said Subic has a strong Korean business community especially with the presence of Hanjin shipbuilding facility.
The resort-hotel will include 170 condominium-hotel units and a 43-room hotel complemented by facilities such as a 25-meter swimming pool, health and wellness spa, a restaurant bar, gift shops and an indoor golf driving range.
Rexmier President Nam Young Woo said the decision to set up the project in Subic was based on research on the Korean and Philippine tourism markets.
Among the international banking institutions that have committed to provide financial support for the projects include NH Investment and Securities, Industrial Bank, Suhyup Bank, Dae Young Savings Bank and Prime Savings Bank.
The SBMA said Rexmier Resort and Hotel would be among several property development projects slated for implementation at the Subic Bay Freeport starting this year, giving rise to a construction boom in the next few years.
Last month, several other property developers signed investment contracts with the SBMA to build condominiums, hotels, restaurants and other leisure projects.
These included Subic Daesung Corp., which committed to invest $15 million on mixed-used commercial buildings, and power distributor Subic Enerzone Corp., which pledged $10.4 million for a hotel and condominium project.
The SBMA Investor Services Department also said several construction and property management firms have come in in anticipation of the projected building boom.
Among them are Hanil E&C Subic, Inc., which put up $11 million for the design, planning and construction of medium- and high-rise commercial buildings, and 7-Tower Properties and Management Consultants, which committed $125,000 for another real estate management business. - Rey Garcia, BusinessWorld
Labels: Armand C. Arreza, investments, korean, MGfnd, Rexmier, sbma, subic
posted by OlongapoCity Zambales at
8:11 AM
3 Comments:
Since I left Subic Bay Naval Bases in 1992, I have been tracking all the investments in the old bases and for the most part I am happy for the Filipinos of Olongapo. But it now seems in reading news reports in Manila newspapers and visiting last year that Filipinos are getting tired of all the Koreans that are moving in and taking away businesses, properties, etc. Now for another hotel to be built in SBMA to cater to Americans, Koreans, etc. seems off. I have talked to many friends who have gone to Subic and say the hotel prices are way over board. It's cheaper to stay in the Barrio then on the base. All the old barracks that have been turn into hotels are ok, but the prices are to high for a family who WANTS to visit Subic can not afford. So my question to the SBMA is this. Tell me WHO is staying in these hotels and what are the percnetages/numbers of guests in for each hotel staying there. I would bet that no hotel is able to maintain daily guests in their rooms above 50%.
This all goes along with many (both Filipinos and Americans) living in the Philippines and America that feel that there is TOOOOOOO much investments coming from Korea. Koreans are all over the place, not just in the Olongapo area. They are in Manila area, Samar, Leyte, Cebu, etc. No matter where you go, large cities have Koreans poppoing up and the locals are upset.
Many think that with in so many years, a good percentage of the Philipiines will be owned by Koreans. Investment is good, but those in the Gov't need to look at this increasing input from Korea. There has never been any follow ups in the newspapers of reports over a year ago of 100,000 Koreans who "over stayed" in the Philippines if they were ever found. If this is an on going problem, who the heck is left in South Korea I wonder.
By
Anonymous, at 5/29/2008 6:36 AM
I for one have a different view about the koren or other foreign investors. At this condition where millions of filipinos are currently working overseas and thousands more are also hoping to find work overseas, any kind of investments that can generate job opportunities should be welcome. If you look at it, these foreign investors are taking risk to invest millions of pesos are helping the Philippine economy moving. Would you rather travel overseas and work for company owned by foreign national or would you rather work and stay in the Philippines with your love ones? Besides, these foreign nationals investing in the Philippines cannot bring back the infrastructures they built and the land. The building and land of they build will will never be taken away from the Philippines...they can only take back money they invested in the Philippines...so what do we have to loose/
By
Anonymous, at 5/30/2008 12:53 AM
I run a travel agency that deals with subic bay only. it is cheaper to stay in barretto many of the hotels there are run down and those that are not keeps the rates down to remain competitive. but barretto rates are very low compared to the area, not just subic bay but also angeles city and manila. the number of $100+ a night in angeles is on the rise, two years ago it would of been unheard of but it is common now. a new hotel in barrio barretto has past the $100 mark and other hotels will be raising prices to match.
as far as the comment about 50% occupancy, that is true mid week but Subic bay freeport hotels are often full on weekends, as are the better quality "off-base" hotels and resorts. if we get reservation request less than a week before check in the chances of us finding a room is slim.
i can not answer for sbma but i can tell you what my professional observations are. for the subic bay freeport hotels about 20 to 25 % are korean and japanese. 10% other short haul arrivals (Hong Kong, Singapore, Malaysia)about 10% American , European and Aussie. the rest Filipino.
in barretto, the "old" tourism style market hotels are still about 100% single men from eurpoe, Us and Aussie.
the hotels that are supporting the new tourism in the area have about 40% US, brits,european and Ausie, 10% asian and 50% filipinos
yes locals are upset with all of the korean investments and further most korean tourist only visit korean owned establishments. but the bottom line is no one else is making the investments.
By
Anonymous, at 6/04/2008 10:48 PM
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