In the last decade, the island of Mactan was proven to be more than just a tourist destination. The Mactan Economic Zone (MEZ), the second largest public ecozone under the Philippine Economic Zone Authority (PEZA), alone has generated P51.5 billion in investments and $45.32 billion in exports since 1995. While its white sand beaches and world class resorts have the ability to lure tourists from all over the world, Lapu-Lapu City’s economic potential brought in foreign investors like Saekyung Realty Corporation to provide jobs to Cebuanos and build communities for individuals who’ve chosen Mactan as their home.
Not all endings are sad. For Saekyung Realty Corporation, when one project wraps up, another shall soon rise. Saekyung Realty Corporation celebrated two milestones last October 28, 2022 by breaking ground on their newest project, Saekyung Ocean Residences, and celebrating the completion of Saekyung Village 1-Phase 3. Saekyung’s unwavering faith in the promise of Lapu-Lapu remains, even in the face of the unknown and the uncertain.
Anticipating Economic Activity in Saekyung Ocean Residences
During the groundbreaking ceremony, Raymund Francisco, President of Saekyung Mabuhay Realty Corporation, expressed excitement to start Saekyung Ocean Residences, a 3-year construction project that will take up about 4.5 hectares of land in Barangay Subasbas, Lapu-Lapu City. Mr. Francisco anticipates economic activities in Saekyung Ocean Residences since the development will consist of over 3,000 units across four 16-storey condominiums and 2-storey commercial buildings. Among the attendees of the groundbreaking ceremony was chairman of the Saekyung Industry Corporation, Mr. Hyunil Shim.
Mr. Taesoo Huh, auditor of the Korea Overseas Infrastructure and Urban Development Corporation (KIND), pledged the company’s full support to Saekyung Ocean Residences as a co-investor. Mr. Huh shared his belief that this project will provide high-quality residential facilities and reasonable prices to the residents of Mactan, especially the younger generation. In June 2018, KIND was established by the government of the Republic of Korea to proactively support global Public-Private Partnership (PPP) business through project planning, feasibility studies, project information and project bankability.
A Strategic Investment in Saekyung Village 1- Phase 3
On behalf of Mayor Junard “Ahong” Chan, Congresswoman Cindi Chan thanked Saekyung for choosing Lapu-Lapu City for a strategic investment during the completion ceremony of Saekyung Village 1 Phase 3. She shared her hope that Saekyung Village 1 Phase 3 will have both local and foreign residents, enticing even more investors to visit and experience the beauty, culture, and comfort of living in their city.
During the completion ceremony, Engr. Randy Gopaoco of Gitamondoc-Gopaoco Structural Engineering recalled how his team had a rough start due to restrictions brought upon by the lockdown imposed in March 2020. Together with building designer Alvin Shim, Engr. Gopaoco and his team had to weather the uncertainties and build the Saekyung Village 1 Phase 3.
Saekyung Village 1 Phase 3 is composed five 14-storey buildings with a total of 1,922 studio-type units. Its amenities include laundry area, swimming pools, playground, and a Materials Recovery Facility for its residents. The site is located at Brgy. Marigondon, Lapu-Lapu City. Saekyung Realty Corporation has another site—Saekyung 956 Condominiums— in Barangay Looc, Lapu-Lapu City.