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Thursday, July 17, 2003
J. King & Sons to revive dormant Osmeña Tower
By Arvy E. Lopez
OSMEñA Tower, which ceased construction activities in 1997 due to the Asian economic crisis, is now co-owned by J. King and Sons Co. Inc., and is currently being rehabilitated into another project called the Fuente Towers Complex.
In an interview with Sun.Star, Osmeña Tower chairman of the board Antonio Osmeña said the construction of the new project would probably cost P1 billion.
Fuente Towers Complex consists of adjacent twin towers called the Fuente Tower I and Fuente Tower II.
He said the rehabilitation of Fuente Tower I, the new name for Osmeña Tower, would be finished within eight months, and business operations in the tower could start early next year.
Osmeña also clarified that the case Osmeña Tower filed against Planters Development Bank (PDB) in 1997 for raising its lending rates had already been resolved.
He said Osmeña Tower was insured by Home Guarantee Corp. for P250 million.
HGC paid Plantersbank P158 million and became co-owners of Osmeña Tower, he said.
According to a statement furnished Sun.Star by Graphic FX Advertising, Fuente Tower II would be the tallest edifice in this part of the country.
The 20-story Fuente Tower I would be a residential and commercial building while the 40-story Fuente Tower II would house the deluxe Crown Regency Hotel.
Fuente Tower I would also be the home of Club Ultima, a hybrid private membership club that will deliver the ultimate perks for a wealthy and healthy lifestyle.
On the other hand, the Regency Hotel in Fuente Tower II will offer luxurious accommodations for fastidious guests and world-class social and conference facilities, the statement said.
The Fuente Towers Complex would have a glass-enclosed design that would provide an unhampered 360-degree view of Cebu City’s landscape, it added.
(July 16, 2003 issue)
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