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Tuesday, December 27, 2005
Theme park to rise in SRP
Despite the political and economic crises hounding the country today, hotel developer and operator J. King and Sons Co. Inc. (JKSCI) remains confident in the country’s economy, as manifested by its investment plans on diverse businesses in the coming years.
Aside from its hotel and condominium projects in Cebu, JKSCI also plans to construct a three-hectare water theme park—the first of its kind in Cebu—at the South Road Properties (formerly south reclamation project), JKSCI chairman Richard King said.
He said JKSCI is now talking with Cebu City Mayor Tomas Osmeña on the water theme park project, which King estimated to cost the company some $4 million.
“(If the talks between Mayor Osmeña and JKSCI succeed), JKSCI will build a water theme park that is like, if not better than, the Enchanted Kingdom and Splash Island,” King said.
“And because our (JKSCI) vision is to let the Cebuanos, especially the middle income group, experience the good life, we will make the fees very affordable,” he added.
“To give a good life at a very affordable rate to the middle income is also one of the reasons JKSCI is selling the club shares of Club Ultima at an affordable price of P210,000 per share this year. But we have been increasing the share price. It was 65,000 per share in 2003. We will increase the share price of Club Ultima by 40 percent next year,” King said.
Members
Club Ultima is a hybrid private membership club that will deliver the “ultimate perks for a wealthy and healthy lifestyle.”
Since Club Ultima is a member of time-share management company Interval International, Club Ultima members have the chance to spend a free seven-day vacation every year at any of the 2,000 Interval International member-hotels located in 80 countries.
JKSCI’s Club Ultima now has more than 2,000 club members, King said.
The membership club, along with JKSCI’s condominium units, will be housed at the 20-story Fuente Tower 1, one of the towers in the Fuente Towers Complex, formerly Osmeña Tower.
One of the amenities available for Club Ultima members is the aqua fitness pool, where jets are installed to massage the body while relaxing. The pool also has a machine that produces current.
The Fuente Towers Complex consists of the adjacent twin towers, called the Fuente Tower 1, and the 38-story Fuente Tower 2, which will house the 300-room deluxe Crown Regency Hotel.
King said Fuente Tower 1 and some 100 rooms of Crown Regency Hotel will open in the first quarter of 2006.
With regard to Crown Regency Suites-Mactan, King said the hotel is doing “good” with an average of 80 percent occupancy
rate last year. (JBN)
(December 27, 2005 issue)
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