SAMAL ISLAND DECLARED SPECIAL ECOZONE
Davao City, Oct. 29, 1997 - A gigantic resort project which will house 700 first-rate hotel rooms and an 18-hole golf course is rising on Samal Island, where a 251-hectare estate has been declared a special economic zone.
The proclamation by the Philippine Economic Zone Authority (PEZA) paves the way for the construction of the P8.5-billion casino resort project financed by a Malaysian-led conglomerate.
PEZA documents show that Ekran Berhad, a Malaysian group, will build one of the largest resorts in the region, an investment that's sending a clear signal of confidence in the Philippines.
The first phase of the project involves the construction of an 18-hole golf course with a 300-room resort costing P1.6 billion. The second phase will establish an additional 400 rooms and four mixed-use buildings worth P7.1 billion.
The project will attract international conventions and conferences.
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