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Overseas Property News
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Trump Plays His Card in the Phillipines
Country: Philippines
7 November 2008
A consortium group, made up of the Trump Organization, American Westgate Resorts Asia Ltd. and Korean Heung-A Property Group, is investing as much as $1bn (£630m) to develop a high-end leisure facility in Subic, Olongapo City, the Phillipines.
The group has its eye on a 457-hectare beachfront property in the village of Cawag, where it plans to build hotels, residential villas, retail shops, casinos, educational and medical facilities and a convention center over 10 years.
The first phase of the Philippine project will be led by Heung-A’s wholly owned subsidiary, Subic Neocove Corp., and involves the development of the basic infrastructure and a 54-hole golf course worth $250m (£158m). It is expected to be finished by 2011.
Subic Neocove Chairman Seung Guk Yang told a briefing the project would be different from other leisure projects in the area since it would be targeting long-staying tenants instead of holiday-makers.
"We are putting medical and wellness facilities and international schools so clients can treat this as their second home, which is why we are not calling it a resort but a master plan community," he said through an interpreter.
Browse other Philippines property news stories, read articles about investing and buying property in Philippines or view our range of property in Philippines.
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