Olongapo SubicBay BatangGapo Newscenter

Saturday, July 19, 2008

Koreans invest P890m in 2 Subic hotel projects

SUBIC BAY FREEPORT—Korean property developer Subic Daesung Corp. yesterday inaugurated the P120-million, three-story Subic World Plaza and broke ground for the P770-million, 13-story Wellis Conficetel project.

Subic Daesung chairman Kim Tae Wan said the two projects are mixed-use commercial buildings that include condominium and hotel units, restaurant and retail shops.

Subic World Plaza, which is located within Subic’s central business district, offers 13 commercial spaces in the ground floor, and 54 office and 20 residential units in the second and third floors.

The 13-story Wellis, meanwhile, will have 384 hotel and condominium units and a state-of-the-art elevator parkin—a first in the country, Kim said.

Construction for the Subic World Plaza project started eight months ago. Its units are now ready for lease.

Units in Wellis would be available 18 months after the groundbreaking, Kim said.

Subic Daesung said it planned to construct five 17-story conficetels on a three-hectare lot at Subic’s Boton Heights commercial area to take advantage of “tremendous opportunities” in Subic. Conficetels combine condominium, office and hotel units. By Cecille Garcia - Manila Standard today

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