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Business

Yuchengco Group eyes P4-B hotel project in Subic

- Marriane V. Go -
The Yuchengco Group is reportedly interested in investing in a hotel/residential, gaming and entertainment complex in the Subic Freeport.

Marianito Fernandez, president of Subic Coastal Development Corp. said, the Yuchengco Group is currently negotiating to take majority control of the P4-billion tourism and commercial development project.

The ambitious four-year development, dubbed Moonbay Marina, is being undertaken by the Subic Coastal Development Corp., a local property developer.

The Yuchengco Group is reportedly interested in acquiring up to 90-percent equity in the project.

"Everything, however, is still under negotiation," Fernandez said.

The planned 18-hectare development would be a mix of hotel residential, gaming and entertainment facilities.

The anchor project would be a P1-billion, four-hectare, 320-unit membership hotel/villa to be operated on a time share basis which is popular in such tourism destinations as Florida, USA.

The development would include a casino, actually the relocated casino of Olongapo City which is licensed by the Philippine Amusement and Gaming Corp. (Pagcor).

Other components of the project are a high rise condominium building, a mall, moviehouses, a multi-purpose area, a bay walk, restaurants and a park.

Construction of the first phase-the bay walk, camachile park and a row of restaurants – has started and is expected to be completed by the end of the year.

DEVELOPMENT

FERNANDEZ

MARIANITO FERNANDEZ

MOONBAY MARINA

OLONGAPO CITY

PAGCOR

PHILIPPINE AMUSEMENT AND GAMING CORP

PROJECT

SUBIC COASTAL DEVELOPMENT CORP

SUBIC FREEPORT

YUCHENGCO GROUP

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