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Asia Property Report - November 27 - News
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Philippines’ Subic Bay Metropolitan Authority (SBMA) will develop some 640 hectares of idle land to boost its tourism potential.
SBMA administrator Armand C. Arreza said the idle land is directly connected to the Subic-Clark-Tarlac Expressway Project (SCTEP). He noted the SBMA will adopt the plan designed by Palafox industries, an urban development and planning group.
"The project will surely change the panorama of the entire Freeport zone," Arreza said.
The planned "Gateway District" will have a 20,000 square metre convention centre, a 500-room hotel, condominium, shopping mall and golf course which will all be constructed at the main entrance of the Freeport zone linking to the STCEP.
As part of the project, South Korea’s Hanjin Heavy Industries and Construction will put up a condominium with commercial area while Taiwan’s TECO will establish a software training centre and manufacturing plant for contact imaging system, television LCD and telecommunication equipment.
Arreza said the 500-hectare rolling terrain along Mt. Rita will be the site of the new Subic Freeport golf course, which has already attracted three South Korean investors to finance, develop and operate the project.
Another 100 hectares of land near the Subic-Tipo is being eyed by Taiwanese investors to up an industrial park that will be patterned after the Nankang Software Park in Taiwan where a cluster of about 40 electronic manufacturing firms would be constructing a plant.
SBMA will fund the P1 billion (US$20 million) modern convention centre to be able to host both local and international conferences.
"Based on the forecast fiscal performance, SBMA could generate enough finds needed to build the convention centre," Arreza said. "No private firm would infuse huge investment for the construction of a convention center and SBMA should take the initiative to complete this project which in the long ruin would be beneficial to the entire Freeport zone."
Arreza said that when the plan of SBMA to construct a convention centre was presented to prospective investors, real estate developers and even top executives of the SM and Robinson mall chains expressed interest in setting up shop at the Subic Gateway District.
Meanwhile, lawyer Ferdinand Hernandez, SBMA deputy administrator, said the Waterfront Road, the fast-growing entertainment and convention district here, was named the "Waterfront Strip," an ideal venue for all types of activities.
"Complementing the serenity of Subic Bay and its bustling establishments, Waterfront Road has been attracting tourists and local residents from all over. It has gained its reputation as the most ideal venue for any type of event here," said Hernandez.
Waterfront Road is located in the northern side of the Central Business District (CBD) facing the bay. It has been the regular venue for concerts, festivities, and local and international sports events, such as the Legenda Adventure Race and Petron Jet Ski National Series, among others.
"The Waterfront Strip is a little more than 100 metre portion of the road along the growing number of hotels, restaurants, bars, sports and clubs, complimented by a spacious mini-park of the Aresi Restaurant to Ristorante Cafe," Hernandez explained.
The area will be closed to traffic from Friday to Sunday to give Subic Freeport guest and residents a taste of the Malate-style gimmickry with the weekly events, trade fair, concerts and food festivals.
"It will be [a] regular street hang out and a party place by the bay. We would like to give you the best entertainment and activities for the whole family and friends," Hernandez said.
Various local and Manila artists will also perform at the Waterfront Strip every Friday and Saturday nights until summer time next year, Hernandez added.
The Waterfront Strip is an offshoot of the success of the Mardi Gras which was held earlier in August.
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