CLARK FREEPORT – President Gloria Macapagal Arroyo has witnessed the signing of two agreements between the Clark Development Corporation (CDC) and a South Korean firm on May 31, 2009, where P718-million worth of investments will be poured here and in CDC’s Next Frontier project.

The signing of the MOU and lease agreement was held during President Arroyo’s State Visit to Korea where she attended the Asean-Korea Leaders meeting.

CDC President Benigno N. Ricafort and Donggwang Clark Corporation Chairman Shin Kun Lee signed a Memorandum of Understanding (MOU) for the construction of two vital road projects along the Sacobia Valley, dubbed as the Next Frontier.

Ricafort said the construction project, which has an estimated cost of P218 million is for the 1.8-kilometer Spine Road and the 4.5-kilometer East Road 2 that connects the Next Frontier to Luzon’s main road the McArthur Highway.

These roads are in support of the 300-hectare tourism estate to be developed by Donggwang in the Next Frontier area.

The $200-million resort complex will initially employ 1,000 workers. The site development planning of the project is on-going, Ricafort said, adding that construction will start upon CDC’s approval of the development plans.

The CDC president also said the road projects will be built “with no cash out” on the part of the CDC “and will be considered as advance lease rentals following standard government procedures.”

Ricafort and Donggwang Chairman Shin Kun Lee also signed an agreement for the lease of a 1.69-hectare area for a 10-storey, mixed-use property development with a minimum investment of P500 million and employment of 500 workers.

Donggwang Construction Co. Ltd (DCC) is the mother company of Donggwang Clark Corporation. DCC is one of the largest construction companies in South Korea. The company boasts of a total asset amounting to 1.2 Trillion Won or around $945 million.

DCC currently owns and operates three golf courses and condotels in South Korea namely, Sorak Sun Valley Country Club, Dongwon Sun Valley Country Club, Iljuk Sun Valley Country Club, and the Japan-based Yabe Country Club.