S Koreans to put up P1-B resort hotel in Subic

SUBIC BAY FREEPORT — Two South Korean companies on Monday announced that they will put up a P1.075 billion 2.5 hectare resort hotel here which will primarily target South Korean, American and Japanese tourists. The resort project, one of the biggest tourism-related deal this year, was struck between MGfnd Subic Inc. and Subic Rexmier C&D Co. Both are South Korean companies listed with the Subic Bay Metropolitan Authority (SBMA). Chang Young Ryu, MGfnd Subic Inc. president, said that the resort-hotel will include 170 condotel units and a 43-room hotel complemented by facilities like a 25-meter swimming pool, health and wellness spa, a fusion restaurant-bar, gift shops, and an indoor golf driving range. "“(Subic) is an excellent place to visit and there is also a strong Korean business community that helped us establish our presence here," Ryu said last Monday, when the two companies signed the co-investment deal. Among the banks that are helping finance the project are NH Investment & Securities, Industrial Bank, Suhyup Bank, Dae Young Savings Bank, and Prime Savings Bank, said Rexmier president Nam Young Woo. - GMANews.TV