Philippines' Subic, Korean Co Sign US$12.3 MLN Hotel Resort Deal
Asia Pulse - Freeport Services Corp. (FSC) a subsidiary of Subic Bay Metropolitan Authority (SBMA) and Korean Resort Developer Sema & Lyke (S&L), have signed recently an agreement for the construction of a P600 million (US$12.3 million) world class hotel and resort at the beach in the Freeport.
The agreement was signed by FSC President Gen. (ret.) Jose M. Calimlim and S&L President Ho Bok Lee.
Under the agreement, S&L will develop the Dungaree beach into a world-class hotel and resort.
"The project ensures FSC's stability as a company because it will also give our employees better salaries and opportunities," Calimlim said.
He added that the agreement with S&L is part of FSC's continuing campaign to boost tourism activities in the area.
"We are now looking at future projects that will help make Subic Freeport a top tourist destination," Calimlim said.
He noted Freeport will introduce a concept called Triple Happiness, which will include a tourist one-stop shop, a dine-and-rest area, better and affordable tour packages and luxury buses.
SBMA chairman Feliciano Salonga witnessed the signing, together with key representatives from S&L sister company, Yengrin and Mido.
SBMA Administrator Armand C. Arreza lauded Calimlim's effort by bringing in more investors to Freeport.
"His effort to help make this into a prime tourism destination is a big boost for Subic Bay," Arreza said.
Arreza acknowledged the assistance given by Calimlim and Salonga to make the Dungaree Project possible. (PNA)
The agreement was signed by FSC President Gen. (ret.) Jose M. Calimlim and S&L President Ho Bok Lee.
Under the agreement, S&L will develop the Dungaree beach into a world-class hotel and resort.
"The project ensures FSC's stability as a company because it will also give our employees better salaries and opportunities," Calimlim said.
He added that the agreement with S&L is part of FSC's continuing campaign to boost tourism activities in the area.
"We are now looking at future projects that will help make Subic Freeport a top tourist destination," Calimlim said.
He noted Freeport will introduce a concept called Triple Happiness, which will include a tourist one-stop shop, a dine-and-rest area, better and affordable tour packages and luxury buses.
SBMA chairman Feliciano Salonga witnessed the signing, together with key representatives from S&L sister company, Yengrin and Mido.
SBMA Administrator Armand C. Arreza lauded Calimlim's effort by bringing in more investors to Freeport.
"His effort to help make this into a prime tourism destination is a big boost for Subic Bay," Arreza said.
Arreza acknowledged the assistance given by Calimlim and Salonga to make the Dungaree Project possible. (PNA)
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