By Inquirer
MANILA, Philippines–South Korean property developer KT Global Subic Inc. said it planned to build a 17-story, five-building condominium-hotel complex in the Subic Bay Freeport Zone, northwest of Manila, and had increased its committed investment to $103 million from $3 million.
KT Global said in a statement that it had decided to advance the schedule for completion of the first building by two years to 2010 and that the other buildings would follow in six to 10 years.
Company president Hong Shik Kim also said KT Global, a unit of KT Construction Co. Ltd., wanted to help in the Subic Bay Freeport’s bid to become a retirement haven.
Dubbed Subic Ampelos Tower, the KT Global project will be the first high-rise building in Subic Bay Freeport. Ronnel W. Domingo, with INQUIRER.net
February 19th, 2008 at 11:01 am
Good thing there are still neighboring countries that are willing to invest in our land despite all the controversies and politics happening in our government.
Yesterday I was saddened when I saw my 2007 ITR. I paid P150K income tax to the Philippine government. A very hard earned money compared to $130M easy money (easy commission) of NBN people. Hay… I hope the government will just build houses and condos and sell it to Pilipino people at low cost.
January 23rd, 2008 at 9:25 am
You can say its unfair but what can we do with the kind of economy we have. We need companies, foreign companies to help the Philippines and the Filipinos to get over with the poverty. Say, Koreans, they already helped thousands of Filipinos with their Hanjin project, and with that, thousands more are having a three times a day meal if not a nutritious meal. Imagine, where do we think these people are if they are not working at the Hanjin. And to respect the korean culture, we need not to be extra sensitive when we see them doing their celebration with all korean character writings. It hurts because we feel we are being isolated or taken for granted in our own country but if we are to realize the positive effect they brought about, we can say they are helping a lot of Filipinos, and their families.
December 24th, 2007 at 9:47 am
Investment from any foreign nationals in the Philippines is what we need to progress from where we are now. They should be encouraged and applauded for what they are contributing in our fragile and weak economy. It is up to us to draw some guidelines on how they operate and conduct business in our country. For every progress there is always a growing pain that comes with it. The challenge for all of us is to be able to overcome it in road to success.
December 14th, 2007 at 2:38 pm
So— is this condo built yet ???
How close to the golf courses?
November 18th, 2007 at 7:49 pm
Why are we selling our Country to foreign investors? What is the arrangement with the korean company? Just like Denshi said, it is ashame that Koreans or Chinese can get away with that type of arrangement. Obviously, they will cater the facility to Koreans only thus influx of foreigners who will suck out our resources and live in our Country as first class immigrants/citizens?