CLARK FREEPORT -- A P2.6 billion worth of residential estate will be developed by South Korean firms inside a 2.3-hectare property in this freeport.
The Sharp Clark Hills, a tourism-related project, will be Clark’s first premium residential town which will consist of five 21-storey condominium buildings with 508 units.
The Sharp Clark Hills, a new type of residential complex, is set for completion by year 2020.
The project is a joint venture of South Korea's POSCO Engineering and Construction Co. Ltd., (POSCO E&C) and JB Cresta that will put up the Sharp Clark Hills Corporation (SCHC).
SCHC will be tasked on the development and construction of the state-of-the-art condominium buildings, including support amenities such as a clubhouse, swimming pool, gym, spa and other related facilities.
POSCO Engineering and Construction Co. Ltd., one of the largest construction firms in the world, also designs highways, bridges, roads and airports.
JB Cresta Corporation, on the other hand, is a locator inside the freeport since 2007 as tourism, leisure estate developer.
“At POSCO E&C, we continue to distinguish ourselves with our success in new city and complex development projects, including the Songdo International Business District in South Korea and the North An Khanh New City in Vietnam, as well as in renewable energy projects, including solar, wind and tidal energy," the POSCO E&C stated in its website.
Present during the groundbreaking ceremonies were Yong Il Lee, executive vice president of POSCO E&C; Seung Sik Shin, representative of JB Clark Hills Corp.; Jung Hyub Lee project manager of SCHC and Evangeline Tejada, vice president for business development and business enhancement group of Clark Development Corporation (CDC).
CDC President-CEO Noel Manankil congratulated JB Cresta and its partner Posco E&C for expanding business in the Philippines particularly in Clark.
“Posco E&C's entry here will not only enhance the beautiful landscape of Clark but will also define the Freeport’s attractiveness as a premier investment hub, said Manankil in a message read by Tejada.
"The upcoming presence of The Sharp Clark Hills will be an addition to the growing number of international brands that are choosing Clark as their new home," said Manankil.
"The CDC is committed to maintain Clark as a liveable, vibrant and dynamic work and play destination," Manankil added.
The residential complex is expected to employ 500 construction workers during the construction phase and some 50 to 70 regular workers once fully operational.