CLARK FREEPORT – A South Korean investor who reportedly infused P75 million into the development of the P2.6-billion The Sharp Clark Hills tourism estate here decried the developer for allegedly refusing to endorse them to the Clark Development Corp. for their approved sub-lease agreements (ASLA).
At the Talakayan queng Bale Balita news forum of the Central Luzon Media Association-Pampanga Chapter here on Thursday, Sept. 7, Jong Ho Ahn, a representative of the South Korean investor, said they have 22 units in Haus D of Clark Hills for which they needed the ASLA but were refused endorsement to the CDC by the new JB Cresta management.
According to Ahn, JB Cresta Corp. is a tourism and leisure estate developer operating in the freeport since 2007. The company reportedly went into joint venture with South Korea’s POSCO Engineering and Construction Co. Ltd. for the Sharp Clark Hills Corp.
Ahn disclosed that JB Cresta management had been asking them to pay an “unexplainable” amount before they could get their endorsement to CDC for their ASLA.
He said they are “amenable” to pay only P3,550,000 to JB Cresta provided it issued a receipt of payment to them. But this was refused, Ahn added.
To make matters worse, Ahn said JB Cresta had cut off their water supply since Aug. 23, to the consternation of Clark Hills tenants, some of whom now wanted to leave the area. He said they were informed their electricity connections will also be cut off soon.
The Sharp Clark Hills, a residential complex combining apartments and resorts, boasts of state-of-the-art condominium buildings, with support amenities such as a clubhouse, swimming pool, gym, spa and other related facilities. It is reputed to be a “magnet to Korean investors.”
Ahn said the current rift of investors with the developer runs counter to the Philippine government’s vision to create a livable, vibrant and dynamic work and play destination within the Clark Freeport Zone.
At least 10 other Korean investors are also experiencing difficulties in obtaining their ASLA because of “difficulties” with the JB Cresta management, Ahn said.
Punto! tried but failed to contact JB Cresta management for its side as of posting time. Pursuant to its right to reply, the publication is open to JB Cresta to issue its statement.
TALAKAYAN. Jong Ho Ahn reads statement before media. At left is his lawyer Atty. Anthonie Langit. Contributed photo
