Korean developer starts construction of P495-M condo-type hotel in Subic

Korean developer MGfnd Subic Inc. recently held a groundbreaking ceremony to signal the start of the construction of it P495-million condominium-type hotel at the Subic Freeport.

Subic Bay Metropolitan Authority (SBMA) chairman Feliciano G. Salonga lauded the new project as a sign of continued confidence from Korean investors in the Philippines.

Salonga said that the inflow of new investments is a significant boost to the country’s thriving economy.

"We welcome MGfnd Subic Inc. to the Freeport. Their arrival marks the strong bond forged between the two countries and shows the continued confidence of Korean investments in the Philippines, particularly in the Subic Freeport," Salonga said. Salonga believes the new condotel would help with the SBMA’s campaign to promote tourism in the Freeport.

"Once the new condotel rises, we foresee that it will attract more Korean tourists to come and get a taste of what the Freeport can offer them," Salonga said.

The condotel called MG Dream Village would be constructed in a 2.5-hectare lot on Perimeter road inside the Subic Bay Industrial Park (SBIP)

The Village would include a 150-room hotel complemented by other facilities like a health and wellness spa, a golf driving range, a 25-meter swimming pool, gift shops, medical clinics and a fusion restaurant-bar.

According to MGfnd Inc. chairman Chang Young Ryu, they are very excited with the start of the project.

He said that the decision to invest in the Subic Freeport was a good choice for MGfnd.

"We are happy to finally start this project. Our decision of setting it up in the Subic Freeport was based on an extensive research in the Korean and Philippine tourism market. This is an excellent place to visit and there is also a strong Korean business community that helped us establish our presence here," Ryu said.

Ryu added that the Philippines is one of the most visited spots by Korean tourists and the idea of having a hotel in the Subic Freeport that would cater to this market complements the presence of other tourist spots already present in the area.

MG Dream Village will cater to the growing Korean tour junkets that visit the Philippines, particularly the Subic Freeport. And during their stay, they can visit the other attractions here like the beaches, theme parks and the entertainment centers," he said. Ryu revealed that they will also try to attracting tour groups from the USA, Japan and other foreign countries.

MGfnd Inc. is one of the many companies under the MG Group conglomerate from Korea, whose other ventures are in the fields of telecommunications and advertising.

Helping finance the project is Philippine Savings Bank (PSBank), while the design and concept is being handled by MAM Engineering Services.

The Dream Village is expected to open in November 2007.