Korean firm builds $40-M Clark project

CLARK FREEPORT— A $40 million 10-storey Korean project will soon open in an area formerly occupied by a duty free shop here.
President Gloria Macapagal Arroyo, led Thursday the groundbreaking rites for the 10-storey building of Donggwang Clark Corporation, to be housed in a 1.69-hectare area intended for mixed-use property development.
Clark Development Corporation (CDC) president and chief executive officer, Benigno R. Ricafort, who assisted the President in the groundbreaking ceremonies, said the proponent expects about 500 job opportunities to be available for local residents along the greater part of Metro Clark Area and in neighboring towns and provinces in Central and North Luzon.
The ground breaking is an offshoot of the signing of agreement between Ricafort and Donggwang Chairman Shin Kun Lee during President Arroyo’s State Visit to Korea where she attended the Asean-Korea Leaders’ meeting last May.
The construction of the building, which will be completed in 18 months, is the phase one of the huge tourism project that the Korean firm will establish at the Next Frontier in Sacobia Valley here.
The Marketing Department of CDC reported to Ricafort of the plan $150-million resort complex to be constructed at the Next Frontier area. The project will initially employ 1,000 workers. The site development planning of the project is on-going, adding that construction will start upon CDC’s approval of the development plans.
Earlier, the same Korean firm also informed the CDC that an estimated cost of P218 million will be poured for the construction of 1.8-kilometer Spine Road and the 4.5-kilometer East Road 2 that connects the Next Frontier to Luzon ’s main road – the McArthur Highway .
These roads are in support of the 300-hectare tourism estate to be developed by Donggwang in the Next Frontier area.
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.
(By Albert B. Lacanlale)