US firm allots P4.8B for dev’t of tourism estate in Clark

CLARK ZONE, Pampanga – A US-based firm is investing P4.8 billion for the redevelopment and operation of a 200-hectare tourism estate inside the Clark Special Economic Zone.

The contract of Sacobia Hills Development Corp. (SHDC) was amended recently to pave the way for the revival of the True North Golf Course, the Sacobia housing and other support projects.

The move is aimed at solving the deterioration of the tourism estate following its non-operation for more than two years. The tourism estate will be operated by BAC Nevada, a Washington based firm.

BAC Nevada is expected to invest about P1.59 billion within two years, increasing this to P4.84 billion within four years.

The agreement was forged by Clark Development Corp. (CDC) president Emmanuel Angeles and Robert Albrecht, BAC Nevada president, its managing director David Scoot Cheney and chairman Raynonato La Madrid.

The agreement stipulates that BAC Nevada will develop the golf and country club; corporate housing/luxury fairway villas or chalets; restaurants and fast food outlets; convention center; spare and other rest and recreation facitilies, equestrian center including the 5.7 km riding trail, water theme park and other water sports facilities, among others.

Under phase one of the project, BAC Nevada is expected to complete the 18-hole lower golf course, clubhouse, driving range and then 250-room hotel condominium project. The firm will spend about P24.8 billion during the completion of the phase one of the project.

In phase two, BAC Nevada plans to complete the 18-hole upper golf course, completion of the upper club house, country club, 250-room hotel, gaming complex, equestrian center among others which will cost $248 million. The project will be completed by 2007.

Phase three will include all housing units, water sports area, and retail units are expected to be completed by 2009 with an estimated $99.2 million in investments.