ASEAN KEY DESTINATIONS
Taiwanese, Koreans invest in Philippines
South Korean and Taiwanese investors this month committed more than a billion pesos in investments in two separate projects at the Clark Freeport Zone, state-run Clark Development Corp. (CDC) said. According to CDC, South Korean-led Ritzville Corp. would initially infuse $4.5 million or about P200 million to build 200 high-end condominium units in a 7.19-hectare tract of land along Malago Street.
This soon-to-rise luxury condominium complex is the second investment in the Freeport of businessman Ki Young Hong, who also owns Clark-based Lohas Hotel and New Well Being Spa.
Cho Young Ho, Ritzville president, said the development would be "one of the most exclusive addresses in Central Luzon" and "a fusion of high technology and modern art."
The groundbreaking was held this week.
Separately, CDC said it signed a lease agreement with Taiwan's Haitima Clark Corp. also this week for a manufacturing facility that would produce metal accessories, fittings, flanges, pipes and valves for export.
Haitima would pour in $25 million or about P1.1 billion during its first year of operations, promising to create 150 jobs.
The plant would be constructed in a 15,000-square meter lot along M.A. Roxas Highway.
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