A number of property developers and other investors are rushing to construct hotels, condominiums and other tourism and leisure facilities at the Subic Bay Freeport in Zambales, according to the Subic Bay Metropolitan Authority (SBMA).
The investors, who recently signed contracts with the SBMA, include Global Dongsan Phils. Inc., which is spending $ 1.1 million for a commercial building; Cook Group and Pacific Associates, with $ 1.4 million to build camping and recreational facilities, and Buma Subic, with $ 36,585 for a restaurant venture.
The SBMA said the rest of the new investors are into manufacturing, logistics and services, and others.
Subic Daesung Corp. committed $ 15 million to engage in the construction and operation of mixed-use commercial buildings that include a condominium- hotel, restaurant and retail shop.
On the other hand, Subic Enerzone Corp., operator of the power distribution system in the area, will also construct hotels and condominiums.
Several existing business locators have also amended their contracts to expand into construction and property development.
These include GVC Subic Corp., a former computer parts manufacturer which will now develop, subdivide, exchange, lease and hold real estate of all kinds at the Subic Bay Gateway Park; and Maritan Subic Inc. which has expanded into constructing, developing, and operating commercial buildings.Other investors include the 7-Tower Properties and Management Consultants which has committed $ 125,000 for a real-estate management venture; Hanil E&C Subic Inc. which is putting up $ 11 million to engage in the design, planning, construction and development of medium to high-rise commercial residential buildings.
SBMA officials said Hanil, a Korean firm, will construct the $ 130 million Subic Ampelos Tower of the Korean property developer KT Global Subic Inc.The Ampelos Tower, which is planned to be a 17-storey, state-of-the-art condominium-hotel complex, will be Subic's second high-rise next to Hanjin's 22-storey edifice at the the Cubi-Triboa District.
The Global Terminals and Development Inc., which is developing the Alava Pier as a passenger terminal, has gained approval by the SBMA to develop a two-storey commercial building and 10 Bali-inspired villa-type hotel units at Subic's former Ship Repair Facility area. (Lynda B. Valencia - PNA)
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