Village planned at Subic

Village planned at Subic

MANILA (AFP): A Philippine-Australian business venture announced yesterday plans to develop a US$120 million waterfront village at the former U.S. Subic naval base north of Manila.

Subic Bay Waterfront Development Corp. (SBWDC) chairman Victor Villavicencio said the 29-hectare (72.5-acre) waterfront village will be constructed over a five-year period.

The project will carried out in collaboration with Pacific Marinas Development Pty. Ltd. of Australia, which has a 10 percent stake in SBWDC.

The venture with Pacific Marinas, which will undertake the master plan of the waterfront village, will link the village with major marinas around the world, Villavicencio said.

It will include a 500-berth yacht club, residential villas, a five-star hotel, and sports and recreational facilities, he added.

The Philippines ejected all U.S. forces from Subic in 1992 and has since been trying to convert it into a free trade, light industrial and tourism zone.