Ex-business partner of late tycoon wants to take over COP

A group led by a former business partner of the late business tycoon Larry Hillblom has reiterated its intent to invest over $11 million in the Coral Ocean Point Hotel and Golf Course on Saipan.

Pacific Investment and Development Corp. previously offered to invest over $10 million in the hotel but is now promising an additional $1 million to rehabilitate the hotel.

PIDC president Cheong Pui Ng submitted Monday to Public Lands Secretary Oscar M. Babauta his proposal for a 25-year lease with an option to lease up to 40 years for the management and operation of Coral Ocean Point.

Copies of the proposal were also sent to the offices of Gov. Benigno R. Fitial, Lt. Gov. Eloy S. Inos, Senate President Paul A. Manglona (Ind-Rota), and Speaker Eli D. Cabrera (R-Saipan).

Ng is president of Bang Plee Construction Limited that built Hillblom’s Dalat Hotel and Golf Course in Vietnam in 1994. He owns Royal Crown Insurance and several other businesses on the island.

Ng previously submitted a proposal to take over Coral Ocean Point but this got pushed aside after the Legislature approved in August Suwaso Corp.’s proposed 15-year extension on its 25-year public land lease.

In his letter on Monday, Ng said they have heard that the extension given by Public Lands to Coral Ocean Point’s current lessee has lapsed without complying with the terms and conditions of the extension.

“With this circumstance, our party would like to inform you that we are still interested in leasing the property,” Ng said.

It was recently reported that Suwaso Corp.’s board secretary Philip Mendiola-Long had resigned. Coral Ocean Point’s longtime comptroller also reportedly recently resigned.

When asked about Long’s and the comptroller’s reported resignation, Suwaso Corp. chair Vincent Torres said he will soon issue a statement. He earlier insisted that everything in Suwaso is going as planned.

Ng claimed that they have the resources, experience, and funding to take over, maintain, operate, and manage Coral Ocean Point. He promised to immediately invest $10 million in the hotel as soon as their offer is accepted.

He said they will begin within six months the renovations, repairs, and improvements to Coral Ocean Point.

PIDC, Ng said, will build a new hotel complex consisting of 100 units at a cost of $6 million in six months after all the building plans and permit requirements are approved.

In addition, he said, they will build pavilions, toilet facilities, and other tourist amenities at the beach side area at a cost of $300,000 for the use and benefit of local residents.

“We intend to employ 200 local residents and U.S. citizens when the renovations and construction projects are completed and fully operational,” he said.

Ng said they will also bring in two weekly charter flights with 400 tourist passengers every week-about 1,600 per month or about 19,200 passengers a year-that will patronize Coral Ocean Point. The flights, he said, will come from Hunan Province in China and will be operated by Hainan Airlines and Xiamen Airlines.

With the charter flights, Ng said that they also plan to market and export fish and agricultural products from the CNMI to China to help island fishermen and farmers and induce business activities.

Ng added that their engineer had already inspected the hotel and determined that immediate repairs should be done to the hotel rooms since termites are all over the premises.

The approval of Suwaso’s extended lease was supposed to pave the way for a $22-million upgrade to Coral Ocean Point’s hotel and golf course and the construction of 200 new guest rooms.

The new Suwaso owners then promised to settle the previous owners’ debts to the CNMI government of almost $1 million, and with other CNMI private and public agencies using an immediate infusion of $7 million.

Coral Ocean Point is located on a 735,023 square meter property in Unai Dangkulu.

Under the law, any lease and extension of lease of public land consisting of more than five hectares requires legislative approval.