LCS Group joins $1.7 billion project in South Korea

MANILA, Philippines — The LCS Group of Companies led by former Ilocos Sur governor and now  mayor Luis “Chavit” Singson  has forged a deal to develop a $1.7 billion resort in South Korea.

Singson was recently in Seoul to sign a memorandum of understanding (MOU) with Gangwon province government, Korea Investment and Securities Co., Hyundai Asset Management Co. East Coast Free Economic Zone Authority where investments could reach $100 million. He is president of the 1,488-strong League of Municipalities in the Philippines

LCS Group is so far the first company from the Southeast Asian region to have invested in a property project in Northeast Asia like Seoul.

“We are the first Philippine company to invest in a domestic real estate development project,” said Noh Hyun Soo, CEO  of LCS Group Korea.

LCS  said it would consider other investments in South Korea.

Singson’s venture in South Korea is expected to cost 2 trillion won (Korean dollars), or approximately $1.7 billion, which may include the construction of resorts and ocean complexes in Donghae City, or about 260 kilometers east of the country’s capital.

A report from the Korea Economic Daily dated Aug.  31  said the LCS Group was considering  buying  a part of the land it would help  develop for purposes of putting up its own business.

Singson is also “slated to seek a joint business with a developer in which it will buy a stake” but in another area. After which, LCS will also construct a resort on its own.

The company has business interests in mining, transportation, telecommunication, defense, logistics, among many others. Singson is a well-known politician and businessman with a career that both span for more than half a century.

Singson has also been instrumental in preserving his home province of Vigan, and has turned this into a UNESCO World Heritage Site.