Olongapo SubicBay BatangGapo Newscenter

Wednesday, May 24, 2006

SBMA opens first phase of retirement community

The Subic Bay Metropolitan Authority reported the opening of the first phase of a four-hectare retirement development facility located at Subic Bay Freeport Zone.

The SBMA said Starland Properties Inc. (SPI), the developer of the Subic Holiday Villas, has allocated P200 million for the initial phase of the project, which covers five condominiums that house 300 units.

The units have been developed as a retirement condominium with a state-of-the-art facilities and services catering to foreign and local customers.

Feliciano Salonga, chairman of SBMA, said, "Foreigners from Japan, South Korea and even the US are looking at Subic as a place where they can stay when they retire. Safety and security in addition to very good weather condition throughout the year are prime considerations."

The SPI said it has finished the initial phase of its five-year development plan to build villas designed especially for retirees.

Henry Olonan, SPI’s vice president for administration, said 95 percent of its clients are Filipinos living abroad who want to come home once they retire. "We foresee Subic as a top real-state location in the future."

Olonan said that in the next 15 years, Subic is expected to become part of the business hub in Luzon, which is envisioned to become equally important as Makati and Ortigas business centers.

"This will translate to a significant appreciation in the value of real-state investments in the area," he said. Angelo S. Samonte


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