Sun.Star: Hong Kong firm to invest P2B at Clark leisure park

CLARK FREEPORT - Clark Development Corp. (CDC) President Liberato Laus has lauded the plan of Jimei Group Inc., a Hong Kong-based property investment firm, to put in an additional P2 billion at Fontana Leisure Park here. "It's huge contribution to the growing investments in Clark and should bolster economic and employment growth in the Freeport," Laus said. Post your comments here on the Makati siege According to Jimei, the new investment will go to the development of a 500-room world-class hotel and the completion of a 200-hectare leisure complex. The firm said about P1 billion would be spent for the hotel, which is scheduled for completion in 2009. Jimei is reportedly allocating another P1 billion to complete the construction of a 36-hole golf course and a clubhouse. Last year, the Clark Freeport Zone registered a 400 percent increase in investments that reached close to US$90 billion, according to Laus, who was appointed to the CDC post by President Gloria Macapagal-Arroyo in 2006. Jimei is one of the 400 locators in Clark whose conversion from a special economic zone to a Freeport zone under Republic Act (RA) 9400 was achieved under Laus' watch. Since October 2004, the Jimei Group has already invested about P1.5 billion in Fontana. The first phase of the Fontana clubhouse, opened to the public in December last year, features a world-class spa, 36-room hotel, 400-seating Chinese restaurant, seven state-of-the-art KTV rooms, and new VIP gaming rooms and a bar. Currently under construction at the back of the clubhouse is an Olympic-sized swimming pool. Jimei Group chairman Jack Lam has said the firm is fully committed to support the Philippines development and tourism industry. Laus said the CDC commends the Jimei Group's commitment to the development of Clark as a world-class investment and tourism destination. "We need more investors like the Jimei Group whose long-term commitment to Clark should encourage other global firms to invest and provide a strong impetus for growth and development not only in Clark but in the entire country," he said. He said the economic policy reforms and directions set by President Arroyo have attracted more foreign investors to the country, particularly in this free port zone. "This explains, in part, the impressive growth made by the economy under her administration," he said. - Sun.Star