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New $50M-$60M resort plan unveiled
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Posted on Sep 26 2008
Gov. Benigno Fitial approved a Korean firm’s plans to build a multi-million dollar resort on Saipan’s beachfront Friday, signing a provisional lease that now requires approval from local lawmakers.
In a press conference, Fitial and Department of Public Lands Secretary John S. Del Rosario presented plans for the Flame Sako Resort and Spa with Kang Dae Sik, the resort’s president. The plans call for a 9-floor, 357-room resort on 10 hectares of land on a site north of Palms Resort Saipan. The project carries an estimated price tag of $50 million to $60 million, Del Rosario said.
Next week, Fitial plans to meet with staff at local government agencies on the project and how to move it ahead quickly. Due to the size of the property, he added, the lease will require approval from the Legislature.
“We’re ready to support Mr. Kang and the Flame Sako,” Fitial said.
Speaking through a translator, Kang said the company plans to move forward with the project as soon as possible.
“We are really happy and we appreciate you time and concern,” Kang said. “We will work to start this project here on Saipan.”
According to Del Rosario, the construction project will move forward in phases and the Sako investors have put forward the initial financing necessary for the first part of the deal and the administrative costs linked to it.
The new resort plans come after DPL last month canceled a lease with Win DNC, a company that also had plans to build a resort in the same area as the Sako proposal. DPL said the company had violated its lease and failed to provide the necessary “good faith” financing for the project.
