Philippines LCS Group to join $1.7 bn Korean resort project
A-Young Yoon
Aug 31, 2021 (Gmt+09:00)
The $1.7 billion property development project includes construction of resort centers and ocean complexes in Donghae city, about 260 km east of Seoul The Philippines LCS Group of Companies agreed to join a $1.7 billion resort development in South Korea, marking the first firm from the Southeast Asian country to invest in a property project in the Northeast Asia.
LCS Group Korea said on Aug. 31 that its chairman Louis Chavit Singson signed a memorandum of understanding (MOU) to invest and participate in the project in the country’s east coast with the Gangwon Province government, East coast Free Economic Zone Authority, Korea Investment & Securities Co. and Hyundai Asset Management Co. LCS Group is set to invest up to $100 million.
The project, which is expected to cost as much as 2 trillion won ($1.7 billion), includes construction of resort centers and ocean complexes in Donghae city, about 260 km east of Seoul.
LCS Group plans to buy a part of land for its own business. The group is also slated to seek a joint business with a developer in which it will buy a stake, in another area. After that, it will develop a resort in order.
“We are the first Philippine company to invest in a domestic real estate development project,” said LCS Group Korea CEO Noh Hyun Soo.
The group will consider further investment in South Korean development projects.
LCS Group focuses on property developments in the Philippines. But it also works on other sectors such as mining, transportation, defense, logistics and telecommunication towers.