New hotel to rise in Cebu
Jefferson Lim, a consultant of Park, said the company will start the development of the multi-million-peso project once the construction of the Imperial Palace Waterpark Resort and Spa on a 7.5-hectare lot in Barangay Maribago, Lapu Lapu City is in full swing.
Lim said Phil BXT is investing P3 billion for the two projects, which seek to further increase tourist arrivals from South Korea.
Phil BXT is a new real estate firm organized by Park to develop the two projects. Because of Constitutional restrictions on foreign ownership of land in the Philippines, Park partnered with local investors to form Joil-UBF, which bought the properties in Maribago and Cordova.
Phil BXT vice president Jerome Lim said that under the plan, the company will develop a complete retirement facility on the 100-hectare property.
He said the facility shall include a 27-hole golf course expanding across 10,800 yards of green grass, a two-level clubhouse with a floor area of 1,500 square meters, and 250-yard driving range with 70 hitting bays.
The project will also include a 100-room golfers lodge, he added. The company has tapped the services of legendary American golfer Arnold Palmer to design the course.
Lim said that on the side of the golf course, the company will construct a retirement village which will consist of 300 condominium units in 5 three-storey buildings as well as 150 single family units.
"At the center of the residential area, a 1,000 square meter community clubhouse will be built. It will include all the amenities and perks to ensure the residents' comfort and pleasure," he said.
Completion of the retirement village and golf course is expected sometime in 2009, or a year after the projected completion of Imperial Palace Hotel.