THE BASES Conversion and Development Authority (BCDA) signed a P5.1-billion agreement with a South Korean real estate investment management firm for a golf course and residential villa estate in New Clark City.
Under the agreement, the BCDA, Korea Real Estate Investment & Trust (KOREIT) Asset Management, and Sky Blue New Clark City Golf & Resort Corp. will develop a 150-hectare estate within the BCDA property.
“(The) development is set to create 1,200 direct and indirect jobs and boost the Philippines’ sport and tourism infrastructure,” the BCDA said in a statement Thursday.
The project, which will begin commercial operations by the first quarter of next year, will include an 18-hole championship golf course and clubhouse, a nine-hole extension and supporting facilities, and residential villas and related amenities.
It will be fully developed and managed by KOREIT through its Philippine subsidiaries Eagle-K GC Corp. and Eagle-K RV Corp.
BCDA President and Chief Executive Officer Joshua M. Bingcang said the partnership “reflects growing interest from international institutional investors in New Clark City’s long-term development plan.”
“KOREIT’s entry shows the level of confidence that major global investors place in New Clark City. This strengthens our investment pipeline and supports our goal of building competitive, sustainable growth centers,” he added.
The project is expected to generate economic activity in Tarlac and nearby areas, supporting local businesses and employment.
“The development is also projected to attract both domestic and international visitors, positioning New Clark City as a rising sports and lifestyle destination,” he said.
“This project goes beyond building new facilities. It creates jobs, opens opportunities for local communities, and supports regional growth. It is another step in making New Clark City a world-class, sustainable district,” he added. — Justine Irish D. Tabile