Korean firm building B Subic golf course, leisure complex
SUBIC BAY FREEPORT – A Korean firm is set to build a 13.6-billion golf course, a hotel and leisure facilities inside this premier Freeport after being given the go signal by the Subic Bay Metropolitan Authority (SBMA) board last week.
According to SBMA Administrator Wilma Eisma, the SBMA has signed a 20-page lease and development agreement for the project, along with Suyong Kim, president of DM Leisure Corp.
The proposed leisure complex that will be built on a 200-hectare portion in Tipo is expected to further boost ecotourism in Subic, bolster investment, and increase livelihood opportunities in the area.
Tourism magnet “We expect it to be another grand tourist destination in the region, another magnet for more down-line businesses and employment, as well as another distinctive landmark for the evolving Subic Freeport Zone,” Eisma said.
She noted that the project will be most accessible because it is to be located near the Subic-Clark-Tarlac Expressway (SCTEx) and would be about a two-hour drive from Manila via the North Luzon Expressway, and about 45 minutes from the Clark Freeport via SCTEx.
According to the approved project proposal, DM Leisure Corp. will infuse a minimum investment of 13.6 billion, of which 12.6 billion would be allotted as development commitment.
The grand plan The project is scheduled to be completed in three phases within an eightyear period or in 2025.
For the first phase, the company will build an 18-hole golf course and clubhouse in a 120-hectare area and is expected to be completed by 2019.
On the third year, DM Leisure Corp. will start the second phase of the project with the construction of hotel villas and a commercial complex in a 67-hectare area.
This phase is expected to be finished before the end of 2022.
The last stage of the project will be the construction of indoor and outdoor water theme parks, other tourism and leisure facilities, as well as condominium units within a 13-hectare area. The final phase is expected to be operating by 2025.
Job generation Eisma also bared DM Leisure’s commitment to generate a significant number of jobs.
She said the company will be needing about 1,000 workers during the construction period and, upon project completion, will also be hiring a minimum of 1,000 employees for its various operations.
“DM Leisure is among the positive results of our intensified marketing and promotion campaign to convince investors and business communities from our neighbor countries to invest in Subic,” said Eisma, who recently graced Philippine investment roadshows in Taiwan and Australia.
Eisma said that with the entry of more investors, the SBMA will be working with the surrounding local government units (LGUs) to start developing light industrial parks and tourism and commercial areas, as demands for bigger spaces rise along with the influx of investments.