Korean group proposes to build recreation center for PEZA locators

A Korean-based business group is proposing to put up a recreational facility for executives of firms located in economic zones (ecozones) administered by the Philippine Economic Zone Authority (PEZA), Filoil Development Management Corp. president Cirilo Martinez said yesterday.

Filoil is the real estate development arm of the state-owned Philippine National Oil Co. (PNOC).

"A group from Korea approached me to lease at least three hectares of our land in Rosario, Cavite for the executives of the 220 locators of PEZA," Martinez said.

Martinez said the Korean group is also one of the locators in PEZA. "They are proposing to put up a recreational center there since they need a place to relax during their free time," he said. The proposed recreational center will include a mini golf course, country club, spa and other similar facilities.

"The idea is feasible. But we are convincing the Korean group to buy the lot instead of just leasing it," he said.

He said the lot in Rosario, Cavite amounts to only P1,500 per square meter. "So the three-hectare property they intend to lease will amount only to P45 million if they will buy it," he added.

Aside from this, he said the company plans to put up schools, hospitals, and public markets in Filoil’s 118-hectare property in Rosario, Cavite.

Recently, Filoil firmed up a joint venture agreement with Asian Terminals Inc. and Australia-based construction firm, Leighton International Inc. (LII).

Martinez said the deal covers a project costing P250 million, of which P100 million will be shouldered by Filoil for preparation of the land while the balance of P150 million will be jointly financed by ATI and LII.

He said if the deal with ATI will be finalized this year, the project can be completed within one year or by mid-2003.

The Filoil property, worth P1.5 billion, is envisioned to be developed in to a business park, retail-commercial area including affordable housing areas and an industrial estate.– Donnabelle Gatdula