A $70 million leisure facility has been approved for Subic Bay, in the Philippines. Starting with a golf course, the development will lead to a theme park and waterpark in later phases.
The Subic Bay Metropolitan Authority (SBMA) has approved a South Korean company to develop the facilities, reports the Business Mirror.
DM Leisure Corp., a group headed by Hana Tour Philippines President Byung-cheol Kim, has committed to invest at least P3.6 billion ($70,387,020) towards the project.
The plans will see the development of a golf course, hotel, waterparks and other leisure facilities. They will also sublet and sell villas and condos.
SBMA Administrator and CEO, Wilma Eisma, said that the SBMA board of directors had approved the proposal. Eisma said that she had signed a 20-page lease and development agreement for the project with Suyong Kim, president of the proponent company.
The proposed leisure complex will be built in a 200-hectare portion of Subic Freeport’s Tipo Area. That is located at the end of the Subic-Clark-Tarlac Expressway (SCTEx).
Eisma said: “We expect it to be another grand tourist destination in the region, another magnet for more downline businesses and employment, as well as another distinctive landmark for the evolving Subic Freeport Zone.”
“It will further boost ecotourism in Subic, bolster investment and increase livelihood opportunities in the area.”
Eisma also said that the project will be most accessible because its location would put it within a two-hour drive from Manila.
The project will be developed in three phases. The first phase will be the 18-hole golf course and clubhouse that will be developed in a 120-hectare area for the first phase. In the second phase; hotel, villas and commercial complex will be developed in a 67-hectare area. Finally – indoor and outdoor water theme parks, other tourism and leisure facilities, and condominium units within a 13-hectare area will make up the final phase.
The first phase of the project will be finished within two years, or by 2019; the second before the end of 2022; and the third by 2025.