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.