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SUBIC BAY
FREEPORT—Counting on the influx of tourists and students
from South Korea and the growing number of Korean
businesses in the country, two Korean investors have
pooled resources for a P1-billion resort-hotel project
here.
MGfnd
Subic Inc., which had broken ground for a P495-million
condotel project in November 2006, recently took in Subic
Rexmier C&D Co. Ltd. as its partner for the proposed
Rexmier Resort & Hotel.
The new
partner, in turn, brought in several banks to help finance
the project, said Rexmier president Nam Young Woo. These
are NH Investment & Securities, Industrial Bank, Suhyup
Bank, Dae Young Savings Bank and Prime Savings Bank.
Officials
of the two firms formalized their agreement at the Subic
Bay Yacht Club, with Administrator Armand Arreza of the
Subic Bay Metropolitan Authority (SBMA) serving as
witness.
Woo said
that while the new development will still be located at
the original site—a 2.5-hectare lot at the Subic Bay
Gateway Par—the joint venture is expected to result in a
bigger project.
Instead of
a 150-room hotel as contained in the original plan,
Rexmier Resort & Hotel would now have 170 condotel units,
as well as a 43-room hotel, said Woo.
As in the
first proposal, the condotel complex will be complemented
by a 25-meter swimming pool, health and wellness spa, a
fusion restaurant-bar, gift shops and an indoor golf
driving range.
The
decision to set up the project in
Subic was based on an extensive research in the Korean and
Philippine tourism markets, company officials said.
According
to MGfnd chairman Chang Young Ryu, Rexmier will cater
mostly to the growing market in Korean tour junkets, as
well as tour groups from the United States and Japan.
“[Subic]
is an excellent place to visit and there is also a strong
Korean business community that helped us establish our
presence here,” Ryu said.
“Of
course, during their stay here in
Subic, we would encourage our guests to also visit other
attractions like beaches, theme parks and the
entertainment centers,” he added.
The
Rexmier Resort & Hotel is just one of several
property-development projects set for implementation in
the Subic Bay Freeport starting this year, giving rise to
an expected construction boom in the next few years.
According
to the SBMA, several Korean firms have signed investment
contracts with the agency to build condominiums, hotels,
restaurants and other leisure projects.
These
include Subic Daesung Corp., which committed $15 million
for mixed-used commercial buildings, and Hanil E&C Subic
Inc., which put up $11 million for the design, planning
and construction of medium- to high-rise commercial
buildings.
SBMA
Administrator Arreza, meanwhile, said the Rexmier project
could be a tourist attraction by itself, and thereby boost
the agency’s efforts in tourism.
He said
the resort-hotel project “is a welcome development,
considering that we expect more tourists coming in after
the Subic-Clark-Tarlac Expressway has turned the Subic and
Clark free ports into one superdestination for tourists.”
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