US firm, not Stanley Ho, will invest in Clark

CLARK FIELD, Pampanga — It’s not Hong Kong gambling mogul Stanley Ho.

Thus said the state-run Clark Development Corp. (CDC), which announced yesterday that BAC-Nevada, a US-based company, will take over the full development of the mothballed 260-hectare True North Golf Course here with an initial investment of P4.84 billion in the next four years.

There were earlier speculations that Ho, who was here recently to receive an honorary degree from the Angeles City University Foundation, was planning to operate a casino here.

There were also reports that Ho was investing in the True North property whose development was halted after controversies hounded its developer, the Sacobia Hills and Development Corp. (SHDC).

The SHDC initially planned to develop a golf and country club, corporate housing and luxury chalets, restaurants and fastfood outlets, a convention center, an equestrian center with a 5.7-kilometer riding trail, a water theme park and other facilities in the True North property.

The agreement between the CDC, which runs the Clark special economic zone, and the SHDC was amended to allow BAC-Nevada to take over the property.

The amended contract allowed the SHDC to "assign" its leasehold rights over the 260-hectare estate to the BAC-Nevada, which will also develop retirement villas with complete health facilities, convenience stores and gift shops, a language and golf academy and other tourism facilities at True North.

The CDC said that under the $24.8-million Phase I of BAC Nevada’s plans, the partially completed 18-hole golf course and the clubhouse will be finished, while the construction of a 250-room hotel-condominium will start.

The $248-million Phase II, expected to be completed by 2007, covers the completion of an 18-hole upper golf course, an upper clubhouse and country club, another 250-room hotel and gaming complex, and an equestrian center, among other facilities.

Phase III will consist of housing units, a water sports area and more retail outfits, which will cost an additional $99.2 million and is expected to be completed by 2009.

CDC legal counsel Jose Lukban said SHDC shareholders, suppliers, service providers and other creditors have been advised to revalidate their claims which, he said, will be assumed by BAC-Nevada.