A Taiwanese construction company will be building a luxury beachfront condominium complex at Triboa Bay in this free port, eyeing the growing expatriate business community in the economic zones of Subic, Clark and Bataan as target market.
MSK Group Work Inc., which is into construction and subleasing of warehouses and factories, will construct the Triboa Majestic Bay Residences project near the APEC Villas, the site of the 1996 summit of the Asia-Pacific Economic Cooperation nations. The project is set for completion in two years.
MSK has initially taken over the former APEC Villas clubhouse and used it as venue for the project launch last Saturday, October 14. The clubhouse will form an integral part of the beachfront condominium complex.
According to company spokesman Kelly Uy, the firm has committed an investment of P2 billion for the project and will be selling the property to the A and B-class market, specifically Asian expatriates and other foreign nationals.
The firm will be offering competitive prices for the 157 condominium units which will all be facing the Triboa Bay, Uy also said.
In the same occasion, Dr. Gary Song-Huann Lin, representative of the Taipei Economic and Cultural Office (TECO) in the Philippines, noted that the proposed Triboa Majestic Bay Residences has “good timing,” as it coincides with the New Southbound Policy of Taiwan, which calls for greater economic and cultural ties with Southeast Asian countries.
The Taiwanese official also pointed out that Taiwan was the first country to invest in the Subic Bay Freeport, with a total of 52 Taiwanese companies now operating in the Subic Bay area.
Meanwhile, Subic Bay Metropolitan Authority (SBMA) Director Stefani Saño , who also graced the project launch, congratulated the investors for their confidence in the Subic Bay Freeport and assured them of full support from the SBMA.
SBMA OIC-Deputy Administrator for Business Kenneth Rementilla also pointed out that the MSK project would likely succeed because Subic is now the biggest free port in the country and is home to more than 1,500 companies with total investments of $10 billion.
The Triboa Majestic Bay Residences project is the first foray of MSK Group Work into residential properties. Officials said the firm will build a “personalized palatial home by the sea,” some of which will feature in-suite sky garage, a first in the country.
Aside from condominium units, MSK will also build public facilities like a 5,000-squre meter atrium garden, basement parking spaces, outdoor swimming pools, business center, conference room, shops and restaurant, library, playroom, gym, yoga room, and multimedia room.
The MSK Group, which is headed by brothers Michael, Simon and Kevin Su, has earlier committed P350 million to expand its warehouse and factory subleasing operations in the Clark Freeport Zone. (HEE/MPD-SBMA)
PHOTO:
Michael Su of MSK Group Work Inc. (4th from right) and guests give the thumbs-up sign after viewing a scale model of the proposed Triboa Majestic Bay Residences project to be located in the Subic Bay Freeport. With him are former SBMA Chairman Roberto Garcia (5th from right), SBMA DA for Seaport Rani Cruz, SBMA Director Stefani Saño, and SBMA OIC-DA for Business Group Kenneth Rementilla. (AMD/MPD-SBMA)
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