Olongapo SubicBay BatangGapo Newscenter

Thursday, July 24, 2008

$4.5-M Clark tourism project pushed

CLARK Freeport Zone -- The Clark Dev’t Corp. (CDC) and officials of New Well Being Spa City Corp. have agreed to establish another tourism-related project that would infuse an initial investment of $4.5 million.

Cho Young Ho, president of New Well Being Spa Corp., said the successful operations of the firm gave birth to Ritzville Corp., which signed the lease agreement with the CDC.

CDC President Liberato P. Laus and Ho, who is also president of Ritzville Corp., cemented the deal with the signing of a memorandum of agreement at the Carworld Corp. Headquarters in City of San Fernando.

Laus said the project will be situated in a 5.5-hectare area near the New Well Being Spa. The Korean firm plans to construct high-end residential villas, specialty restaurants, and other tourism-related facilities.

The project, Laus said, could complement the spa and other amenities of New Well Being like the recently completed condominium-hotel that caters mostly to Korean and other foreign tourists frequenting the Freeport.

At the signing, Laus and Cho were accompanied by Ritzville Corp. Director Ki Young Hong.

Laus said he signed his first lease agreement with Cho shortly after being appointed by President Gloria Macapagal-Arroyo as the president and chief executive officer of the state-owned firm in Oct. 2006.

After signing the first agreement, Laus noted that New Well Being Spa Corp. leased the 1.2-hectare area which transformed the former Red Wood club houses into a world-class tourism project inside the Clark Freeport. By: Bernard Galang - JOurnal online

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