Olongapo SubicBay BatangGapo Newscenter

Friday, July 25, 2008

P120-M ‘conficetel’ up at Subic

SUBIC BAY FREEPORT – Unveiling a new concept in modern condominium living, a Korean property developer here inaugurated on Tuesday the Subic World Plaza (SWP), a P120-million three storey project, the first in a planned series of “conficetels” – condominium office hotel.

Located at the heart of Subic”s central business district, the SWP offers hotel rooms and commercial spaces on the ground floor, and office suites and residentials units on the second and third floors.

“All the units are now available for lease,” said Subic Daesung Corp. (SDC) chairman Kim Tae Wanon Tuesday, adding that residents will have easy access to shopping and dining on the ground floor where he expects restaurants and grocers would put up shops.

“The upper levels, which contain offices and condominium units, are meanwhile intended to provide a certain degree of privacy,” he said.

Kim said the SDC came up with the “conficetel” concept after noting the increasing demand for commercial and residential spaces here in Subic in the last three years, especially among Koran investors and their families when Korean shipbuilder Hanjin Heavy Industries & Construction Corp. started operations here in 2006.

The firm also noted increasing tourist arrivals after the opening of the Subic – Clark – Tarlac Expressway in April, as well as the growing Korean community in the country.

“Subic has become one of the Philippines’s prime tourist destinations,” Kim pointed out. “Koreans prefer the Philippines, especially Subic, as their place for retirement.”

Because of these factors, Kim said his company is eyeing more “conficetels” here in the immediate future, a statement supported by a ground- breaking for his firm’s Wellis Conficetel project, a P770-million, 13-story edifice that will have a state-of-the-art elevator car parking.

The Wellis will have a total of 384 hotel and condominium units and is expected to be completed in 18 months.

But that’s not all. The Korean developer said that because of “tremendous opportunities” in Subic,, the SDC is planning to construct five conficetels of 17 stories each on a 3-hectare lot at Subic’s Boton Heights commercial and industrial area.

Kim said the five-building conficetel complex would be worth a total of P6.57 billion, putting SDC’s potential capital exposure at P7.64 billion.

In the ground breaking ceremony for the Wellis project, Subic Bay Metropolitan Authority (SBMA) chairman Feliciano Salonga assured Kim and his compatriots the Subic authority would continue supporting the Korean business community here.

Meanwhile, SWP project consultant Leonardo Mesiano credited the growth of property development projects here to the SBMA’s effective marketing program and the agency’s partnership with operators of Subic’s tourism facilities. By Henry Empeño – Business Mirror

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