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$30M resort investor asks DPL for 30 more days
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Posted on Feb 29 2012
By Haidee V. Eugenio
Reporter
Reporter
A representative of an investor planning to build a $30-million, 300-room condominium-hotel resort asked the Department of Public Lands for an additional 30 days or up to March 31, 2012, to respond to DPL’s question whether it is still interested in leasing a 5-hectare property in San Antonio.
Kang Ho Yu, authorized representative for Pacific Investment and Development Corp./Pacific Realty and Management Corp., made the request in a Feb. 22, one-page letter to DPL’s Real Estate Division director Rachel M. Roque.
Kang said company president Cheong Pui Ng is currently off-island.
DPL Secretary Oscar M. Babauta, in an interview yesterday, said the department will grant the 30-day extension
He said if Pacific Investment is no longer interested, then DPL would offer the land for lease to at least two other investors.
DPL sent a Jan. 25 letter to Pacific Investment and Development Corp., asking whether it is still interested in leasing Lot No. 004 l 40 in San Antonio.
It is the same San Antonio property where a Korean investor, KSA Corp., previously proposed to build a hotel with villas and condotels. The KSA project did not materialize, resulting in DPL’s termination of the public land lease in June 2008.
Babauta said DPL granted Pacific Investment in late 2010 a temporary authorization to allow it to enter the property for land clearing while the two parties were preparing a formal lease agreement. But more than a year later, they have yet to submit necessary requirements such as a formal plan to develop the area, a financial plan, and architectural and engineering design as proof of their commitment and continued interest in leasing the land.
Pacific Investment and Development Corp., formerly Kevin International, is the same group of investors that earlier expressed interest in investing over $11 million in Coral Ocean Point Hotel and Golf Course.
