CLARK FREEPORT, Pampanga, Philippines — A $49-million (P2.1-billion) residential project by a Korean company will soon rise in this free port.

The Clark Development Corporation (CDC) said that it has signed a lease agreement with a Korean real estate developer for the establishment of the said first class residential project.

CDC President Felipe Antonio B. Remollo said the state-owned corporation has signed Clark’s latest lease agreement with Koregon Villas Inc., which will construct residential units that would be available for sub-lease in an 11,223-square-meter area along J. Abad Santos Avenue here.

The CDC president said Koregon Villas, Inc. is the latest residential project that will rise inside the Freeport.

Remollo added Koregon Villas, Inc. President Wan Soo Yun will be investing $ 49 million for the residential project that will also include recreational facilities, paved roads, and other support amenities.

“The project will employ some 100 workers during its construction phase and another 150 employees during its full operations,” Remollo said.

Just recently, another Korean company broke ground here for the establishment of a posh residential village at the heart of the Clark Freeport.

Korean firm JM Star Clark, Inc. held its groundbreaking rites on October 3 signaling the start of construction work for its tourism and residential development project dubbed Le J Village in a 17,190-square-meter area here.