Thursday, 5 November 2009

PGMA leads the groundbreaking of the $ 40-M SoKor project in Clark

CLARK FREEPORT, Pampanga, Nov. 5 (PNA) -- President Gloria Macapagal-Arroyo on Thursday led the groundbreaking of the $ 40- million South Korean project at the former Grand Duty Free area here.

The President, together with Clark Development Corporation (CDC) president Benigno Ricafort and other local officials, lowered the ceremonial time capsule that signaled for the construction of the 10-storey building in a 1.69-hectare area.

The groundbreaking is an offshoot of the signing of an agreement between Ricafort and Donggwang Clark Corp. Chairman Shin Kun Lee during the Chief Executive’s state visit to Korea when she attended the ASEAN-Korea Leaders’ meeting last May.

Ricafort said the proponent expects about 500 job opportunities for residents of the Metro Clark area and in neighboring towns and provinces in Central and North Luzon.

He said the construction of the building covers the first phase of the huge tourism project that the Korean firm will establish at the Next Frontier in Sacobia Valley here.

He said the planned $ 150-million resort complex to be constructed at the Next Frontier area will initially employ 1,000 workers.

The site development planning of the project is on-going, with construction to start upon CDC’s approval of the development plans, he said.

Earlier, the same Korean firm also informed the CDC that an estimated P218 million will be poured for the construction of a 1.8-kilometer spine road and the 4.5-kilometer East Road 2 that connects the Next Frontier to the McArthur Highway.

These roads are in support of the 300-hectare tourism estate to be developed by Donggwang in the Next Frontier area.

Ricafort said the road projects will be built “with no cash out” on the part of the CDC and will be considered as advance lease rentals following standard government procedures.

Donggwang Construction Co. Ltd (DCC) is the mother company of Donggwang Clark Corporation. DCC is one of the largest construction companies in South Korea.

The company boasts of a total asset amounting to 1.2 trillion won or around $ 945 million.

DCC currently owns and operates three golf courses and condotels in South Korea namely, Sorak Sun Valley Country Club, Dongwon Sun Valley Country Club, Iljuk Sun Valley Country Club, and the Japan-based Yabe Country Club. (PNA)

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