Korean Firms Put up P1-B Resort Hotel in Subic

Two South Korean companies have teamed up here recently to put up a resort hotel project worth P1.075 billion, firming up Korean participation in a building boom expected to hit Subic in the next few years.

MGfnd Subic Inc. and Subic Rexmier C&D Co., Ltd. signed an investment deal on Monday for the Rexmier Resort & Hotel, said Administrator Armand Arreza of the Subic Bay Metropolitan Authority (SBMA).

“This is a welcome development considering that we expect more tourists coming in after the Subic-Clark-Tarlac Expressway (SCTEx) turned the Subic and Clark free ports into one super-destination for tourists,” Arreza said.

“The resort-hotel itself could serve as a new attraction, especially to foreign tourists,” he added.

The proposed Rexmier Resort & Hotel will be located at a 2.5-hectare lot along Perimeter Road at the Subic Bay Gateway Park and will cater mostly to the growing market in Korean tour junkets, as well as tour groups from the United States and Japan, said MGfnd chairman Chang Young Ryu.

“(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 here, like beaches, theme parks and the entertainment centers,” he added.

Meanwhile, Rexmier president Nam Young Woo said the resort-hotel will include 170 condotel units and a 43-room hotel complemented by facilities like a 25-meter swimming pool, health and wellness spa, a fusion restaurant-bar, gift shops, and an indoor golf driving range.

He added that the decision to set up the project in Subic was based on an extensive research in the Korean and Philippine tourism markets.

Among the banks that are helping finance the project are NH Investment & Securities, Industrial Bank, Suhyup Bank, Dae Young Savings Bank, and Prime Savings Bank, said Woo.

The Rexmier Resort & Hotel will be among several property development projects slated for implementation in the Subic Bay Freeport starting this year, giving rise to an expected construction boom in the next few years.

Last month, several other property developers signed investment contracts with the SBMA to build condominiums, hotels, restaurants and other leisure projects.

These include Subic Daesung Corp., which committed $15 million for mixed-used commercial buildings, and power distributor Subic Enerzone Corp., which pledged $10.4 million for hotel and condominium projects.

The SBMA Investor Services Department also said that several construction and property management firms have signed in early this year in anticipation of the projected building boom.

Among them are Hanil E&C Subic, Inc., which put up $ 11 million for the design, planning and construction of medium-to high-rise commercial buildings, and 7-Tower Peroperties and Management Consultants, which committed 5,000 for another real estate management business. (PNA)

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