WORK BEGINS ON $100 MILLION GUAM RESIDENTIAL PROJECT

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Some 280 luxury units planned

SAIPAN, CNMI (Marianas Variety, May 8, 2008) – A groundbreaking ceremony was held yesterday for the US$100 million Emerald Oceanview Park Verace Guam development which will rise in the center of Tamuning.

The groundbreaking ceremony was for the installation of water and sewer infrastructure to support the project, the Guam Memorial Hospital, Perezville, Jonestown, and the neighboring community.

[PIR editor’s note: The Village of Tamuning can be viewed as Guam's economic center containing Tumon, the center of Guam's tourist industry, Harmon Industrial Park, and commercial districts in other parts of the municipality. Its central location along Marine Corps Drive - the island's main thoroughfare - has aided in its development.]

The ceremony was held at the project site in Tamuning, adjacent to Guam Memorial Hospital and the Jonestown cliffside area known as Saupon Point.

On hand to participate in the event were Gov. Felix P. Camacho, Consolidated Commission on Utilities chairman Simon Sanchez, and officials of Younex International and Hanil Construction Co., Ltd., developers for the project.

Residents of the surrounding community were also invited to attend.

During the Guam Land Use Commission review of the project, commission members and residents urged the developer to first address infrastructure needs of the neighboring community prior to obtaining occupancy for Emerald Oceanview Park.

In keeping with its commitment, Younex International has initiated, as Phase I of the development, the installation of new water lines to improve water pressure and service to the area, and sewer lines for those residents who currently do not have this service at a cost of approximately $1.3 million.

Mr. Kil Koo Yoon, president and CEO of Younex International, stated that for the development to be successful, the quality of life and value of the surrounding neighborhood must be enhanced.

He said installing badly needed infrastructure to serve the existing and future needs of this community is the first step to making these goals a reality and it is the intention of Younex International to continue adding value to the neighborhood.

The new $100 million luxury condominium and villa project will add up to 280 residential units to the village of Tamuning.

Younex International Inc. was given the green light to proceed with its project by the Guam Land Use Commission at its special meeting on Nov. 29.

Kil Koo Yoon, a 22-year resident of Guam, is hoping that this project will serve as a model for other developers who will invest on Guam.

Younex International is expected to invest over $100 million in Emerald Ocean View Park, with two 15-storey and two 18-storey towers that would provide panoramic views of Tumon and Hagatna Bays.

The property will include 3, 4 and 5 bedroom units ranging from 1,500 square feet to 2,900 square feet.

Seventy percent of the property will be open and green space, with parks, overlooks, and other amenities for residents in the area to enjoy and only 30 percent of the 10.5-acre property will be used for actual building space.

Marianas Variety: www.mvariety.com

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