admin's picture

By Gerardo R. Partido

HAGATNA, Guam (Marianas Variety, June 6) – Demonstrating confidence in Guam’s economy, Korean investors have purchased a prime Tumon beachfront property where they plan to put up a US$250 million development project.

International Realty Group and CoreTech International Corporation yesterday announced the purchase of Gun Beach in Tumon, a hotel and resort zoned property with an area of 87,575 square meters.

The property, purchased by developer Kyung Maek C&D LLC, is located at the northern end of Tumon Bay and is partially surrounded by cliffs, creating a private enclave along a 320-foot sandy beach.

Kyung Maek C&D LLC is a Korean-based developer with plans to develop its newly acquired property into a multi-million dollar mixed use development that includes two 33-storey condominiums that will be called "Two Lovers Towers."

The planned development will have 300 condominium units and four smaller clusters called the "Cliffside Towers" with 400 units for a total of 700 condominium residences.

The architectural design features an elegant contemporary design with metaphorical references to the Two Lovers Point legend with its top floors connected like the hair of the "two lovers."

Ho Eun, president of Core Tech International Corp., is a partner of the developer while Juno Eun, corporate counselor and business development vice president of Core Tech International Corp., serves as advisor to the developer.

Local businessman Peter Sgro Jr, the principal broker of International Realty Group, served as the listing broker on the transaction and will be consulting on sales-related activities while the architectural firm Taniguchi-Ruth-Makio has been tapped to provide the architectural design for the development.

"This acquisition and planned development demonstrates the confidence our client has in the future of Guam’s economy," said Juno Eun.

With a projected development cost in excess of $250 million and the employment of hundreds of workers necessary during the construction phase, Sgro said the project would have a significant positive impact on the Guam economy.

"We have every intention of creating a landmark development that will not only provide a world class residential community, but will continue to positively affect the Guam economy even after its completion," Ho Eun added.

The development of multi-story buildings allow for larger open space on the property to accommodate landscaping, nature trails, ponds and recreational areas including a water park, a shopping arcade, restaurants, tennis courts and picnic areas.

Public beach access is planned along the southeast edge of the property which is the same traditional access into Gun Beach. Three parking garage structures are provided for a total of 1,210 parking stalls.

According to Sgro, the economic impact will involve several components with initial revenues and wages generated in the design and construction phase of the project benefiting hundreds of construction workers and material suppliers.

The secondary economic benefits involve employment for the operation and administration of the condominium, water park, restaurants, the village bazaar, offices, bus and tour transport which will include an estimated 175 employees directly and another 100 employees in leased space activities and tourism-related services.

Rate this article: 
Average: 2 (1 vote)

Add new comment