Korean firm to put up P20B tourism project in Subic

SUBIC BAY Freeport, Philippines  - The Subic Bay Metropolitan Authority (SBMA) reported Monday that it had signed a contract with a Korean company for the development of a P20-billion world class tourism complex.

In a simple ceremony held June 13 at the Freeport, SBMA Chairman and Administrator Roberto Garcia and Resom Chairman Sang So Shin signed lease development agreements that would pave the way for the construction of the project.

The first phase of the project involves the development of a prime waterfront property previously known as the mini-golf course with a gross area of two hectares and a buildable area of 6,000 sqm.

Resom is committed to invest P1.2 billion for the construction in this area of a luxury hotel with around 300 rooms, convention facilities, pool, spa, restaurants and other support facilities.  The project is being targeted to serve as a venue for  the Asia-Pacific Economic Cooperation (APEC) conference in November 2015.

The second phase of the project will cover the development of the Resom City tourism complex involving several properties in the Naval Magazine area amounting to around 300 hectares.

This will include the construction of a world-class resort complex that will have hotels, condominiums, a theme park, luxury pool villas, casino and gaming operations, a waterpark and spa, health and wellness center, duty free shopping, and a championship golf course.

This phase involves an investment commitment of around P19 billion and is expected to take around four years to complete.

According to Resom Chairman Shin, the Subic Resom City project will be their centerpiece development.

Resom presently owns and operates four world-class resorts namely, Ocean Castle, Resom Waterpark and Spa, and the Forest Villa resort all in Korea, and a championship golf course and resort in Weihai, China.

"This hopefully will contribute substantially to the country’s tourism campaign,” Garcia added.