Korean retirement village on hold
HOMEGROWN developer EverJust Realty Development Corp. has temporarily put on hold its plan to build a big retirement village targeting Korean retirees, citing security issues.
EverJust Realty president Justin Uy said the extended martial law in Mindanao and other security-related news have caused worries among Korean retirees—the major market of Uy’s multi-billion-peso project.
Uy said the company was supposed to sign a contract with agencies in Korea to bring active retirees here, but the latter expressed concerns over the Martial Law declaration in Mindanao.
“We went to Korea three times last year to tell agencies that Martial Law is only in the south and is not affecting Visayas,” said Uy. “However, they are still worried about security issues here.”
In a joint session last Dec. 13, the Senate and House of Representatives agreed to further extend martial law and the suspension of the writ of habeas corpus in Mindanao until Dec. 31, 2018.
President Rodrigo Duterte had said martial law was needed to “ensure total eradication of Daesh-inspired Da’awatul Islamiyah Waliyatul Masriq (DIWM), other like-minded Local/Foreign Terrorist Groups (L/FTGs) and Armed Lawless Groups (ALGs), and the communist terrorists (CTs) and their coddlers, supporters, and financiers.”
Uy is supposed to begin development of an integrated retirement village in a 10-hectare lot in Consolacion.
He said that if not for security issues last year, the project could have started.
But while waiting for the security situation to normalize, the company will focus its attention on new projects such as the residential condominium in Mandaue City and the expansion of JPark Resort in Panglao, Bohol.
“Tourism and real estate will continue to drive growth for the economy,” said Uy.
Uy formed Jiprop Development Corp., the residential arm of EverJust Realty, to build the P2-billion J Tower Residences located within the JCentre Mall property on A.S Fortuna St.
It will be a 40-story tower that will have a total of 1,271 condo units.
Uy also announced they will be investing at least P8 billion in Bohol for the development of JPark Resort in Panglao under BXT Corp. The JPark Resort Panglao project will have its groundbreaking within the first quarter of this year.
Uy said they acquired a 24-hectare property in Panglao, which will be transformed into a hospitality and convention facility. The development, he said, will be done in three phases. The company will initially build 1,200 guest rooms and a convention facility that can accommodate at least 1,600 guests.