Clark Development Corp. said Monday it approved another hotel project proposed by Korean property developer Punta LWA Properties Corp.
The project is expected to add prestige to the developer’s current portfolio, according to CDC.
CDC chairman and concurrent president Eliseo Santiago said the new tourism project would commence with the construction of a hotel by 2017.
Punta will develop the 4,443.23-square meter former site of Mimosa Mart along C.M. Recto Highway corner M.A. Roxas.
The boutique hotel will have villas and related amenities such as restaurants, coffee shop, cocktail lounges and wellness center. The Korean firm under the agreement will develop and operate the facilities for 25 years.
Punta also committed to employ about 50 local residents to support the operations and another 50 for the construction of the building.
Punta, an architectural design and construction company, has implemented several projects in other countries such as Publicis headquarters in Paris, France.
It also handled project management such as those of Mercure Hotel, Hado Group HQ and Hado 7 in Hanoi, Vietnam as well as foreign architecture coordination project for Lotte Jeju Art Villas and YIBD project both in South Korea.
CDC said it continued to grow as a viable investment hub and a preferred site of manufacturing companies.
CDC recorded revenues of P1.6 billion in 2015, the highest net income of P697 million and highest cash position of P2.3 billion last year.
Revenues in 2013 to 2015 accounted for 28 percent of the aggregate revenues in the last 20 years, based on the annual reports.