Posted 1 month ago
SUBIC BAY FREEPORT—Taiwanese construction and engineering firm MSK Group Work Inc. launched last Saturday a high-end beachfront condominium project at the Triboa Bay area in this free port, aiming to cash in on the growing expatriate sector in the economic zones of Subic, Clark and Bataan.
The project, to be known as the Triboa Majestic Bay Residences, aims to develop a “personalized palatial home by the sea” by building three types of luxury residences: four-bedroom luxury mansion units with in-suite sky garage at the Premium Ocean Mansion; one to two-bedroom units at the three-building Crescent Studio; and beachfront units at Sunbeam Condo.
The project will have 157 condominium units all overlooking Triboa Bay near the former Asia-Pacific Economic Cooperation (Apec) Villas, the high-end accommodations used by Asia-Pacific heads of states during the 1996
Aside from condominium units, MSK will also build public facilities like a 5,000-square-meter atrium garden, basement parking spaces, outdoor swimming pools, business center, conference room, shops and restaurant, library, playroom, gym, yoga room and multimedia room.
MSK has initially taken over the former Apec Villas clubhouse, which will be an integral part of the beachfront condominium complex.
Company spokesman Kelly Uy said the firm has committed an investment of P2 billion for the project and will be selling the property with its seaside view as the major sales pitch.
Customers are expected to come from the A- and B-class market, especially Asian expatriates and other foreign nationals.
“Our pricing will be very reasonable, and will be competitive with prices in Manila. We know the challenges here, but with around 1,000 companies now in Subic, as well as those in Clark, we basically have a captive market and we believe the project will be sustainable in the long run,” Uy said.
Triboa Majestic Bay Residences will be the first residential project for the MSK Group, which is headed by brothers Michael, Simon and Kevin Su.
The firm, which has established its presence in Philippine construction business for almost 25 years now, had earlier committed P350 million to expand its operations in the Clark Freeport Zone, which includes subleasing warehouses and factories.
Among the guests in the project launch were Dr. Gary Song-Huann Lin, representative of the Taipei Economic and Cultural Office in the Philippines, and former Subic Bay Metropolitan Authority Chairman Roberto Garcia.
In his message, Lin said the MSK project has “good timing” because it coincides with the New Southbound Policy of Taiwan, which calls for greater economic and cultural ties with Southeast Asian countries, like the Philippines.
Lin also recalled that Taiwan was the first country to invest in the Subic Bay Freeport by developing the Subic Bay Industrial Park, which now houses 52 Taiwanese companies, and pointed out that Taiwan is now the fourth biggest investor-country in the Philippines.
Lin also praised the MSK Group for initiating a “unique” project, which he said has “an excellent location, a serene view and a historical value”.
Meanwhile, Garcia, under whose administration the project was conceived, processed and approved last year, described the project as an illustration of the “well-placed confidence of investors in Subic”.
He added that with a P3.9-billion budget from the national government for the further development of the Subic Freeport, more business activities would be generated in the freeport zone in the years to come.