PGMA breaks ground for Korean ten-year building in Clark
CLARK FREEPORT ZONE, Pampanga (PND) โ President Gloria Macapagal-Arroyo today led the groundbreaking and time capsule laying ceremony for a ten-storey Donggwang ODE Officetel on C.M. Recto Highway here.
Worth $30 million, the structure will be halt by its owner, Donggwang Clark Corp. (DCC), a mixed-use property development firm. The project will need 730 workers to complete.
The mother company of Donggwang Clark Corp. (DCC), Donggwang Construction Co. Ltd., is one of the largest construction companies in South Korea. It has total assets of 1.2 trillion won (around $945 million).
It will be recalled that DCC and Clark Development Corporation (CDC) signed an agreement for the lease of a 1.69 hectare property within the Clark Freeport Zone. President Arroyo herself witnessed the signing of the agreement President during the ASEAN-KOREO CEO Summit in Korea on May 31.
In addition to the ODE Officetel, DCC will develop a 342-hectare tourism estate on Sacobia Valley at a cost of $200 million.
The project, which will generate employment for 1,000 people, requires the construction of a resort complex and two roads on Sacobia Valley, renamed by the CDC as Next Frontier a 32,000-hectare former US military reservation north of this freeportโs 4,500-hectare main zone.
The two road projects will cost P218 million. The first stretches for 1.8-kilometers while the second spans 4.5 kilometers from the Next Frontier to McArthur highway.
These roads will also provide access to the 300-hectare tourism estate to be developed by Donggwang at a cost of $200 million in the Next Frontier.
President Arroyoโs support for this investment is part of her administrationโs agenda to boost the tourism and investment climate in the Philippines and provide more jobs to Filipinos.
On hand for the ceremony were Pampanga 1st District Representative Carmelo Lazatin, Tarlac 3rd District Rep. Jeci Lapuz, Angeles City Mayor Francis Nepomuceno, Mabalacat Mayor Marino Morales, and Clark Development Corporation (CDC) President Benigno Ricafort.
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