Korean firm to complete Subic condo in ’10

SUBIC FREE PORT — Korean leisure property developer KT Global announced yesterday that the first high-rise condominiums to be constructed here would soon be completed following over $135 million in investments.

KT Global President Hong Shik Kim said the firm’s "vision" of a high-rise residential and commercial complex inside the free port zone will be realized with the completion of the Ampelos Tower by next year.

"Ampelos Tower is set to change the landscape of Subic," he said.

The project is composed of five 17-storey residential and commercial condominiums at the heart of the Subic’s commercial business district.

Located on a 14,000-square-meter lot inside the Subic Commercial Light and Industrial Park, Ampelos Tower offers scenic view of Subic Bay, amid one of the last few remaining triple canopy woodlands in the country.

Mr. Kim said the project, with its 490 residential and 220 "condotel" units as well as commercial spaces, would boost tourism in the region.

Mr. Kim said almost 50% of residential units have already been sold, mostly to foreign retirees, in a preselling marketing scheme. The remaining units are still available for sale to local clients and foreign investors.

Ampelos spokeswoman Jasmin Repasa said the project would be banking on the free port status of Subic, which offers various incentives and tax and duty-free privileges.

The Ampelos Tower will have amenities such as conference rooms as well as a recreation center with a spa, massage clinics, swimming pool, sports facilities, and gift shops.

"Our company is dedicated to provide a hassle-free living environment where clients can enjoy all of the benefits of safe, clean, attractive, and inviting facilities," Mr. Kim said.

"Unlike many other condo projects that are solely concerned with profit generation, our primary objective is to maintain the highest achievable level of customer satisfaction," he assured.

The Ampelos Tower project will need 100 employees in initial operations.

The Korean firm will augment the work force by another 100 in two years, executives said. — Rey Garcia - bworldonline.com