In photo: The LCS Group Philippines President and Chairman Luis ‘Chavit’ Singson (middle) flashes the signed memorandum of understanding (MOU) with Korean partners to invest in South Korea’s east coast resort development project with the Gangwon Province government, the East coast Free Economic Zone Authority (EFEZ), the Korea Investment & Securities Co. and Hyundai Asset Management Co. last August 31. Singson says LCS Group is investing $100 million in the project. (Photo courtesy of LCS Group of Companies/R.F. Supnad)
By Ronald F. Supnad
Contributor
The Philippines’ LCS Group of Companies is joining the $1.7-billion resort development project in South Korea, making it the first firm in Southeast Asia to invest in big-time property development in the East coast Free Economic Zone (EFEZ)’s Mangsang District Development project.
In an interview today, LCS Group President and Chairman Luis “Chavit” Singson said his firm based in Ascott Bonifacio Global City in Taguig City, Metro Manila is pouring in $100 million (about P5 billion) in the property venture in South Korea.
Last August 31, the LCS Group Korea signed a memorandum of understanding (MOU) with Korean partners to invest and participate in the project in the country’s east coast with the Gangwon Province government, the EFEZ Authority, the Korea Investment & Securities Co., and Hyundai Asset Management Co. LCS Group.
“We are the first Philippine company to invest in a domestic real estate development project,” said LCS Group Korea CEO Noh Hyun Soo.
Through this investment, the LCS Group is committed to support Korea’s drive to develop the regional economy in its east coast, which has been stagnant due to the coronavirus pandemic, according to Singson.
“The plan is to create Korea’s first east coast Metro City Complex,” said Singson.
He said the ambitious property development project includes the construction of resort centers and ocean complexes in Donghae City, about 260 kilometers east of the capital Seoul.
Singson, who is also the incumbent mayor of Narvacan, Ilocos Sur and national president of the League of Municipalities of the Philippines (LMP), said LCS Group also plans to buy a part of land for its own businesses in Korea.
Up ahead, Singson said his company in Korea will seek a joint venture with a developer in which it will buy a stake, in another area. “After that, it will develop a resort,” he said.
Also, Singson is eyeing further investments in South Korean development projects.
In the Philippines, LCS Group focuses on property development although its portfolio includes mining, transportation, defense, logistics and telecommunication towers.