Korean firm to invest P1-B retirement haven in Clark

CLARK FIELD, Pampanga - The Clark Development Corp. (CDC) signed here yesterday an agreement with the Korean firm Dynasty Technologies Corp. (DTC) to develop a luxury residential community for retired foreigners.

The project, which will rise in a 60-hectare property that used to be a part of the mothballed Tru North Golf and Country Club at the Clark special economic zone, is estimated to cost P1 billion.

"This project is the result of my participation here in the hot air balloon festival about nine years ago," said DTC president Steve Kim, a hot air balloon enthusiast whose company is based in Seoul. "When I flew my hot air balloon, I saw from the air the beauty of the Clark area and dreamed since then of retiring here," he added.

DTC lawyer Joy Bayona said the project would cover only the 60-hectare residential area and excludes the golf course initially assinged to Tru North.

The CDC earlier scrapped its contract with Tru North after the company failed to finish its golf course and residential project here.

CDC president and chief executive officer Emmanuel Angeles said the golf course, which is just beside the planned 60-hectare site for the retirement community, which will be called Silver Town, would be developed by the American firm Shuttle Development Corp. The contract, however, is still being finalized.

Some of the 232 existing housing units in the project site will be rehabilitated, while others would be torn down and replaced by new luxury villas, Bayona said.

The memorandum of agreement signed yesterday entitles the DTC to a 50-year, renewable contract for the project. "After 50 years, all developments at the site would be turned over to the CDC if the contract is not renewed," Bayona explained.

Angeles said that Silver Town will have a large swimming pool, a small golf course, a medical and health clinic, a clubhouse with conference rooms, restaurants and grocery stores.

"I assure the full cooperation and support of the CDC for the project and I thank them for locating at Tru North which has been idle for about 11 years now," she added.

Kim said that while DTC is eyeing retired Koreans, Japanese, Chinese and Americans for the retirement community, his firm would also welcome Filipino retirees.

Hundreds of Koreans now live in nearby Angeles City where they have built their own community with groceries, hotels, and even churches. The pioneer Koreans in the city were mostly parents who wanted their children to learn the English language by enrolling them in local schools. Later on, they also established businesses in the city.