A CHINESE firm has committed to pour in $100 million for the development of a seaside integrated resort in Northern Luzon akin to South Korea’s tourism jewel Jeju Island.
The Cagayan Economic Zone Authority (Ceza) last week entered into a memorandum of understanding with Shanghai Jucheng Supply Chain Management Group on putting up a resort and tourism park in the eastern coast of Northern Luzon. Ceza said that side of the country’s fence remains untouched, and could be developed into a tourist destination.
Shanghai Jucheng is penciled to invest $100 million over the next years to develop the area into an integrated resort pictured to be Southeast Asia’s Jeju Island. The project will also shelter casino operations, as well as theme and water parks that will approximate tourism-driven complexes in China and major tourism attractions across the world.
“This is one of the few unspoiled spots in the country that will cater to the sun worshipper, the nature lover and the adventurer,” said Raul L. Lambino, Ceza administrator and CEO. He signed the memorandum with Shanghai Jucheng Founding Chairman Xue Chenbiao.
Lambino is optimistic the project will move forward this month. He said his agency and Shanghai Jucheng are just ironing out the details of this multimillion-dollar investment.
read more: BusinessMirror
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