MANILA, Philippines – Golfing legend Annika Sorenstam, who is in town, signed a memorandum of agreement (MOA) with Subic Neo Cove Corp., for a 54-hole golf course in the northwestern part of Subic Bay. Subic Neo Cove was represented by its chairman, Steve Yang.
Sorenstam, who is representing img’s Golf Course Services Division, signed the accord alongside img senior vice president Mark Adams. This img division handles golf course design and management services for Asia Pacific.
The Subic Neo Cove signatories are Steve Young, chairman, and Youn Jae Lee, who is chairman of Heung-A-Shipping Co. Ltd.
The 54-golf course is a key part of a $250-million fully integrated leisure, sports and entertainment facility in Subic, spread over a 457-hectare beachfront property in the northwestern part of Subic Bay.
Sorenstam said her role in golf course design is “another venue for me to share my passion for the game of golf, adding: “Through my 20 years of international travel, I have had the opportunity to play many of the world’s most wonderful golf courses.”
Sorenstam, who holds the record of winning the most number of lady golf tournaments the world over in 90 international competitions, explained her new passion in golf course design:
“My goal is to design courses that golfers of any age, gender or skill level can enjoy equally.” This world-renowned lady golfer has rewritten the LPGA and Ladies European Tour record books and brought unprecedented attention to women’s golf.
Armand Arreza, administrator of the Subic Bay Management Authority (SBMA), said: “SBMA has given this Neo Cove project free port status as part of our policy to enhance the investment appeal of the Subic Free Port and therefore contribute to further stimulating our economy.”
The Korean investors are also bullish about the project. “Our initial foray in the freeport zone of Subic signals the extreme confidence of various highly-funded multinationals with respect to both the near and long-term economic investment prospects in the Philippines,” Yang said.
The 457 hectares of land located in Barangay Cawag, Subic in Zambales, were consolidated for the Neo Cove project by businessman-sportsman Robert Aventajado, chairman/CEO of Imagine Realty Corp.
“This agreement underscores the investor appeal of the Philippines for projects of this magnitude even amidst the global economic slowdown,” Aventajado said.