Korean firm invests P600-M in Subic Bay resort project

SUBIC BAY FREEPORT – A Korean company will invest P600 million to develop a world-class beach resort here, targeting high-end foreign travelers in an effort to make Subic an international tourist destination.

Gen. Jose Calimlim, president of the Freeport Service Corp. (FSC), told The STAR that Korean developer Sema & Lyk (S&L) has leased the Dungaree beach to construct a high-end luxurious beach and hotel facility.

The beach facility was previously managed by the FSC, which is a subsidiary of the Subic Bay Metropolitan Authority (SBMA).

S&L president Ho Bok Lee said the project will occupy a 17,186-sq meter area at Subic’s Cubi-Triboa waterfront. A total of 124 guest rooms (108 studio-type rooms and 16 superior rooms) will be built, along with 17 cottages and five cabaña units with speedboat parking, Lee said.

Calimlim said the construction for the new world-class hotel and resort will start immediately and is expected to be completed by 2008.

The lease agreement was signed by Calimlim and Lee, with SBMA chairman Feliciano G. Salonga and representatives from S&L’s sister companies Yengrin and Mido witnessing the event.

According to Calimlim, the deal is advantageous to both the FSC and the SBMA, stressing that the hotel project would help boost Subic’s tourism program.

"We got what we want and they (S&L) got what they want," Calimlim said. "This project ensures FSC’s stability as a company and also gives our employees better salaries and opportunities, " he added.

Calimlim also revealed that the deal with S&L is the start of FSC’s bid to outsource their facilities to private developers and contractors.

"We are looking at future projects that will help make the Freeport a top tourist spot. We will soon be introducing a concept called Triple Happiness, which will include a tourist one-stop shop, dine and rest area," Calimlim said.

He added that FSC will also come up with better and affordable tour packages and also get luxury buses for tours.

The S&L president, meanwhile, acknowledged the assistance given by both Calimlim and the SBMA in helping make the Dungaree Project possible.

"I promise that when this hotel opens, this will be the best hotel in the Freeport," Lee said.