A KOREAN company is investing $17 million for the development of a residential and hotel complex inside the Subic Bay Freeport, the Subic Bay Metropolitan Authority (SBMA) announced Thursday.

KT Global Subic Inc., a unit of KT Construction Co. Ltd., is aiming to complete the first two condominium buildings within the next three to four years and finish a total of four buildings within 10 years. The company has chosen a 14,000-sqm lot inside the Subic Commercial Light and Industrial Park for the project.

Armand Arreza, SBMA administrator, said KT Global, aside from developing the place, will also manage and operate the project.

KT Global president Hong Shik Kim said one of the buildings, the 17-storey Ampelos Tower, will offer attractive amenities, including conference rooms that are ideal for formal and nonformal gatherings and gift shops.

There will also be a recreation place with spas, massage clinics, swimming pools, and sports facilities.

The rest of the building will be the apartelle itself offering 36 high-quality, comfortable household units on each floor.

Each unit will offer balance safety, cutting-edge features, positive atmosphere and state-of-the-art living conditions.

“Our company is dedicated to providing a hassle-free living environment wherein our clients can enjoy all of the benefits of our safe, attractive and inviting facilities. Unlike many other realty companies that are solely concerned with profit generation, our primary objective is to maintain the highest achievable level of customer satisfaction,” Hong said.

The Ampelos Tower project will employ 100 persons initially and eventually grow to 200 in five years.

Arreza said KT Global Subic Inc. is the 10th biggest committed investment among the approved projects in 2006 and the first high-rise building in Subic.

The mother company, KT Construction Co., Ltd., which was named after its founder Kim Tae-Kyung, is engaged in real estate development and operation of condominiums, hotels and other related activities.

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A KOREAN company is investing $17 million for the development of a residential and hotel complex inside the Subic Bay Freeport, the Subic Bay Metropolitan Authority (SBMA) announced Thursday.

MANILA Electric Co. (Meralco), the country’s largest power distributor, said it continues discussions with the National Transmission Corp. (Transco) to purchase some of the government-owned P800 million to P900 million worth of subtransmission assets.