Photo courtesy of Mary Judaline Partlow/PNA
A collaboration between a Korean company and two Filipino firms aims to boost the local economy through the construction of a retirement community for Korean retirees.
Cho Sang-sub, chair of the Korea Golf Leaders Association; SBK Construction, represented by lawyer Joe Kenneth Arbas; and Perpetual Help Community Capital, Inc., led by CEO Cliffordson Lariosa, signed a memorandum of agreement on Thursday.
Arbas said the Korean company plans to bring in over 1,000 retirees, with housing units to be developed in Dumaguete City and in Valencia, Dauin, and San Jose.
The project will also serve tourists and temporary residents who may later choose to settle permanently, he added.
In the long term, the plan includes building a nursing home and hospital to provide comprehensive care for residents.
Through an interpreter, Cho said the areas he visited are ideal for establishing a retirement community and noted his investment experience in the nearby Bacong airport project.
Lariosa said the partnership strengthens PHCCI’s goal of expanding capital and investment opportunities.
He added that while PHCCI’s Orient Woods housing project was already sold out, Cho’s network and expertise in attracting retirees and tourists could drive future developments.
Filipino partners are set to visit Korea in April to finalize plans for the first 500 housing units this year.
