PEP ties up with Korean hotelier on Subic project

MANILA, Philippines - Premiere Entertainment Philippines Inc. (PEP), a publicly-listed gaming and entertainment firm, has forced a strategic alliance to provide sales and consultancy services for Edu Palace Inc.’s educational and condotel complex in Subic.

Edu Palace, a South Korean company, is the authorized developer of the new Edu Palace 3.5 Condotel, which will be located at the Subic Bay Industrial Park.

PEP chairman and CEO Jung Ku Lee pointed out that the opportunity to work with Edu Palace will allow the further growth of the tourism and real estate industries in the country. “We are very pleased to be given the chance of marketing and promoting such a promising real estate project in one of Philippines’ major economic destinations,” he said.

PEP, which is currently undertaking a major expansion program, including possible hotel, resort and real estate ventures, will assist in marketing and selling the units of the seven-story condotel on a non-exclusive basis. It will also serve as a consultant on the construction, development and sale of the complex.

With Edu Palace’s international exposure and PEP’s successful experience in the Philippine market, the strategic partnership is expected to not only accelerate the development of the project, but to also transform it into the newest icon of Subic Bay Freeport, PEP officials emphasized.

Construction started mid-2009, with the turnover date still undetermined.

PEP and Edu Palace will carry out their respective undertakings as outlined in the agreement before the year ends.

PEP is engaged in various types of entertainment including gaming and online casino operations. Starting as a production house in 1946, it produced full-length motion pictures and program content for television broadcast.

A merger with Digiwave Solutions, Inc. in 2008 converged the company’s business focus on entertainment with the growing Internet casino gaming and software development.