SUBIC BAY FREEPORT—Taiwan’s MSK Group has scheduled the redevelopment of the Triboa area in the Subic Bay Freeport, aiming to rehabilitate the site of the 1996 Asia-Pacific Economic Cooperation (Apec) Summit here and construct new hotel and condominium buildings with a projected $20-million budget.
Subic Bay Metropolitan Authority (SBMA) Chairman Roberto Garcia said on Wednesday that former Taiwan Vice President Annette Lu arrived in the free port last week and visited the site of the proposed leisure project.
Garcia said the investment project will involve the construction of three 10-story buildings that will consist of a 40-room hotel, a 20-unit VIP condominium with a car elevator and a regular condominium with 90 units.
The project will also include the construction and development of five luxury seaside villas with a marina facility, Garcia added.
As scheduled, the redevelopment of the Triboa Clubhouse, the site of the 1996 Apec Summit, will be completed within the year. The rest of the facilities, particularly the new buildings, would take two to three years to be fully developed, the SBMA said.
“This project strongly underscores the positive business climate in the free port, as well as the fast-growing tourism industry here and in the rest of the country,” Garcia said in a statement on Wednesday, noting at the same time that the number of hotel rooms in the Subic Freeport has increased by 21 percent since June last year.
“Aside from enhancing the tourism value of Subic, [the Triboa project] will also generate an additional employment of 800 for our local communities,” he said.
The Triboa project was approved by the SBMA board in November last year. It would be undertaken by the MSK Group through its affiliate companies Xantheng (Subic) International Corp., Weihsin Subic Bay Corp. and Zangyueh Development Corp.