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SUBIC
BAY FREEPORT—Despite the controversy generated by the
construction of an apartment high-rise in a forested
area here, property developers—including the developer
of a massive passenger terminal at the Alava Pier
here—are rushing headlong to build condominiums, hotels
and other leisure properties in Subic.
In a
mass contract-signing ceremony last week, two
condominium developers topped the list of new investors
in terms of committed investments—pledging a combined
$25.4 million, out of the $34 million total committed by
all the 17 companies.
The
biggest of the lot, Subic Daesung Corp., committed $15
million to engage in the construction and operation of
mixed-use commercial buildings that would include a
condominium-hotel, restaurant and retail shops.
The
second-biggest project signed was that of Subic Enerzone
Corp., operator of the power distribution system here,
which has recently expanded into the business of
developing leisure properties. Like Daesung, Enerzone
said it will build hotels and condominiums.
Apparently to cash in on the property boom here, several
existing business locators have also amended their
contracts during the first quarter to expand into
construction and property development.
These
firms include GVC Subic Corp., a former computer parts
manufacturer, which will now “own, use, improve,
develop, subdivide, exchange, lease and hold real estate
of all kinds” at the Subic Bay Gateway Park; and Maritan
Subic Inc., which has expanded into the business of
constructing, developing and operating commercial
buildings.
Global
Terminals and Development Inc., which is developing the
Alava Pier here as a passenger terminal, has also gained
approval by the (SBMA) to develop a two-story commercial
building and 10 Bali-inspired villa-type hotel units at
Subic’s former Ship Repair Facility area.
Another
firm, the Anglo Asia Commodities Corp., has acquired
additional facility from the SBMA for the construction
and development of buildings and other infrastructure
that it plans to sublease to other locators.
Meanwhile, at last week’s mass signing, three other
leisure development projects were forged as well. These
are the proposals by Global Dongsan Phils. Inc., which
has pledged $1.1 million for a commercial building; Cook
Group and Pacific Associates, with $1.4 million to
establish camping and recreational facilities; and Buma
Subic, with $36,585 for a restaurant venture.
The rest
of the new investors, with commitments totaling $5.8
million, were into manufacturing, logistics and
services.
The
entry of more property developers, ironically, followed
the controversy over a high-rise apartment complex about
to be completed here by the Hanjin Heavy Industries
Corp.-Philippines, which also operates a $1.7-billion
Hanjin shipyard in Subic.
Criticized by environmentalists and legislators alike
for being located at the forested Cubi-Triboa District,
the apartment complex that consisted of one 22-story
high-rise and another 10-story building, was meant to
house Hanjin’s Korean officials and their families, as
well as some Filipino staff.
The
Hanjin high-rise, however, is expected to be just the
first of several condominium projects to be built here
as
Subic moves into vertical expansion due to limited land, officials
of the SBMA acknowledged.
In view
of the expected building boom, several construction and
property management firms had also signed up in the
first quarter of 2008, according to data from the SBMA
Investor Services Department.
These
include the 7-Tower Properties and Management
Consultants, which committed $125,000 for a real-estate
management venture; and Hanil E&C Subic Inc., which put
up $11 million to engage in the design, planning,
construction and development of medium to high-rise
commercial residential buildings in the free port.
Sources
from the SBMA said Hanil, a Korean firm, will undertake
the construction of the Subic Ampelos Tower, a
$130-million project of Korean property developer KT
Global Subic Inc.
The
Ampelos Tower, which is planned to be a 17-story,
state-of-the-art condominium-hotel complex, will be the
second high-rise in Subic—after Hanjin’s 22-story
edifice.
The
Ampelos Tower, however, will be built at the free port’s
central business district—away from Subic’s jungle area. |
