A number of property developers and other investors are rushing to construct hotels, condominiums and other tourism and leisure facilities at the Subic Bay Freeport in Zambales, according to the Subic Bay Metropolitan Authority (SBMA).
The investors, who recently signed contracts with the SBMA, include Global Dongsan Phils. Inc., which is spending $ 1.1 million for a commercial building; Cook Group and Pacific Associates, with $ 1.4 million to build camping and recreational facilities, and Buma Subic, with $ 36,585 for a restaurant venture.
The SBMA said the rest of the new investors are into manufacturing, logistics and services, and others.
Subic Daesung Corp. committed $ 15 million to engage in the construction and operation of mixed-use commercial buildings that include a condominium-hotel, restaurant and retail shop.
On the other hand, Subic Enerzone Corp., operator of the power distribution system in the area, will also construct hotels and condominiums. (more…)
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