Cojuangco expands resort project in Subic, eyes take-over of Subic golf course

SUBIC BAY FREEPORT – Television and communications mogul Antonio “Tony Boy” Cojuangco is expanding a beach resort and hotel project, here with the infusion of P300 million fresh investments for site development.

“The Nabasan area will be one of the next top destinations inside Subic Freeport,” Subic Bay Metropolitan Authority (SBMA) Administrator Armand C. Arreza said shortly after the contract signing for the P300 million project of Mr. Cojuangco held at the SBMA Board room early this week.

Mr. Cojuangco, chairman of Nabasan Subic Development Corporation, is currently developing the areas adjoining the former Nabasan Wharf beach into a world-class hotel resort with complete amenities with actual initial investments of P500 million thus increasing its pledges to P800 million.

Nabasan Beach is one of the popular places in Subic for tourists as it offers crystal clear waters. The beach area is also a favorite spot of scuba divers wanting to explore the marine life and underwater wrecks in Subic.

SBMA deputy administrator for business group Stef Saño also confirmed that Cojuangco has expressed strong interest to take over the rehabilitation of the Subic golf course including the construction of a five-star hotel and luxury villas within the golf course.

Mr. Saño said that Hanafil Golf and Tour Inc., the operator and developer of the 18-hole Subic golf course is presently negotiating the final terms and conditions for Mr. Cojuangco to the takeover the golf course.

Saño said that Benjamin John Defensor III, chief executive and president of Hanafil had already informed the SBMA authorities about the on-going negotiations with Mr. Cojuangco.

Hanafil has committed to invest $48-million for the redevelopment work of the 18-hole old Binictican golf course which was closed down last year. Howevr, golf club members are complaining on the slow-paced development being implemented by Hanafil.

Meanwhile, the SBMA Business and Investment department reported that a total of twenty-six tourism related expansion projects of existing locators with a combined total investment commitment of US$1,015,675,977 and employment of 7,279 have been processed by the SBMA during the first six months of the year.

The top ten (10) expansion projects for the first half of 2010 are Korean property developer M Castle Subic Philippines, Inc. (US$1 billion), Nabasan Subic Dev’t Corp. (US$6,521,739), Grande Island resort developer GFTG Property Holdings (US$2,223,222), Royal Duty Free Shops, Inc. (US$2,127,659), Aggressive North Developers, Inc. (US$1,063,829), Gerry’s Grill Restaurant operator James Fausto Corp. (US$891,304), Segara Villas and Promenade Commercial Building owner Global Hotel and Leisure Properties (US$ 666,667), computer and internet cyber shops operator Jemeryk Portal System (US$ 652173), Freeport Sarang (US$250,000) and Starbucks franchise holder R.Joseph Holdings (US$217,391).

SBMA Leisure Business and Investment Department Manager Kenneth G. Rementilla said that the SBMA also signed up for the past six months of the year a total of eighteen new project with combined total investment commitment of US$21,699,410 and hiring 1,029 workers.

The top 10 companies are Sand of Triboa Resorts (US$14,319,970),Subic Bay Brands & Lifestyle retails Concept, Inc. (US$6,065,217), Fertuna Holdings Corp. (US$5,434,782), CW Subic Bay Dev’t Inc. (US$1,489,361), FBM Gaming and Amusement (US$323,000), Jobin & Jobin, Inc. (US$319,148), Dunlevy Food Corp (KFC) (US$304,348), MDC Subic (US$260,869), RPQ Rides and Amusement Corp. (US$212,765) and Manila Golden Kawa (US$130,434).

The SBMA is actively promoting tourism to attract both local and foreign investors in this Freeport zone that offers multi-faceted activities such as eco-tourism, sports, historical and cultural attractions. Rey Garcia