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

$3-M condo by Korean firm to rise in Subic Freeport

SUBIC BAY FREEPORT - A 17-story condominium, the first high-rise building ever to be built in this premier Freeport, will soon be constructed by a Korean developer infusing a committed investment worth $3 million.

KT Global Subic Inc. is a company that will engage in the development, management and operation of real estate such as a 17-story condominium and hotel complex called the Subic Ampelos Tower.

“KT Global Subic Inc. is the tenth biggest committed investment among the approved projects in 2006. It will be the first high-rise building, which is 17 stories high, that we will ever have in the Subic Bay Freeport,” Subic Bay Metropolitan Authority (SBMA) administrator Armand Arreza said.

With its main office based in Korea, KT Construction Co., Ltd., which was named after its founder Kim Tae-Kyung, is engaged in real estate development and operation of condominiums, hotels and other related activities.

According to KT Global Subic Inc. president Hong Shik Kim, because of the company’s potential of expanding its horizons, it has eyed the Subic Bay Freeport to become its partner in the construction of high-rise buildings carrying the philosophy of customer satisfaction by providing high-quality, comfortable units and offer state-of-the-art living conditions.

The projectm, he said, is reflective of the rapid advancements in technology and a growing need for quality housing, hotel rooms and other amenities that will meet unmatched levels of customer satisfaction.

The Ampelos Tower will offer attractive and inviting amenities such as conference rooms that are ideal for formal and non-formal gatherings and gift shops. There will also be a recreation place with spas, massage clinics, swimming pools and sports facilities.

The rest of the building, will be the apartelle itself offering 36 high quality, comfortable household units on each floor. Each unit will offer balance safety, cutting edge features, positive atmosphere and state-of-the-art living conditions.

Hong said that the company is aiming to complete the first two condominium buildings within the next three to four years to be constructed in a 14,000-sq.m. lot inside the Subic Commercial Light and Industrial Park. Another four condominium buildings will be completed within the next six to ten years.

“Our company is dedicated to providing a hassle-free living environment where in our clients can enjoy all of the benefits of our safe, attractive, and inviting facilities. Unlike many other realty companies that are solely concerned with profit generation, our primary objective is to maintain the highest achievable level of customer satisfaction,” Hong assured.

The Ampelos Tower project will need 100 employees in its initial operations, and will augment workforce to 200 in five years’ time.