Chavit’s Group joins $1.7B resort project in Korea; invests $100-M

By Mar T. Supnad

NARVACAN, Ilocos Sur -- The Philippines’ LCS Group of Companies headed by former governor and business magnate Luis ‘Chavit’ Singson agreed to join in the $1.7 billion resort development project in South Korea, marking the first firm from the Southeast Asian country to invest in a property project in the Northeast Asia by pouring in USD100,000,000 in the East coast Free Economic Zone Mangsang development project.
    In an interview with this writer Wednesday, Singson, who is also the incumbent mayor of Narvacan Sur and national president of the League of Municipalities of the Phil.( LMP) said the LCS GROUP is the first Filipino company to invest in real estate development projects in Korea.
    Through this investment, Mayor Singson said, LCS Group will provide full support to revitalize the new foreign investment business in Korea and the development of the regional economy in the East Coast area that has been stagnant due to COVID, through the creation of Korea's first East coast Metro city complex.
    According to Singson, the ambitious $1.7 billion property development project includes construction of resort centers and ocean complexes in Donghae city, about 260 km east of Seoul.
    The LCS Group Korea on Aug. 31, signed a memorandum of understanding with Korean partners to invest and participate in the project in the country’s east coast with the Gangwon Province government, East coast Free Economic Zone Authority, Korea Investment & Securities Co. and Hyundai Asset Management Co. LCS Group is set to invest up to $100 million.
    The project, which is expected to cost as much as 2 trillion won ($1.7 billion), includes construction of resort centers and ocean complexes in Donghae city, about 260 km east of Seoul, Singson said.
    Singson said LCS Group also plans to buy a part of land for its own business in Korea.
    The group is also slated to seek a joint business with a developer in which it will buy a stake, in another area. After that, it will develop a resort in order.
    “We are the first Philippine company to invest in a domestic real estate development project,” said LCS Group Korea CEO Noh Hyun Soo.

Based on the MOA, Singson said the LCS Group of Company agreed to join a $1.7 billion resort development in South Korea, marking the first firm from the Southeast Asian country to invest in a property project in the Northeast Asia.

LCS Group Korea said on Aug. 31 that its chairman Louis ChavitSingson signed a memorandum of understanding (MOU) to invest and participate in the project in the country’s east coast with the Gangwon Province government, East coast Free Economic Zone Authority, Korea Investment & Securities Co. and Hyundai Asset Management Co. LCS Group is set to invest up to $100 million.

The project, which is expected to cost as much as 2 trillion won ($1.7 billion), includes construction of resort centers and ocean complexes in Donghae city, about 260 km east of Seoul.

LCS Group plans to buy a part of land for its own business. The group is also slated to seek a joint business with a developer in which it will buy a stake, in another area. After that, it will develop a resort in order.

“We are the first Philippine company to invest in a domestic real estate development project,” said LCS Group Korea CEO Noh Hyun Soo.

The $1.7 billion property development project includes construction of resort centers and ocean complexes in Donghae city, about 260 km east of Seoul.

The Philippines LCS Group of Company agreed to join a $1.7 billion resort development in South Korea, marking the first firm from the Southeast Asian country to invest in a property project in the Northeast Asia.

The project, which is expected to cost as much as 2 trillion won ($1.7 billion), includes construction of resort centers and ocean complexes in Donghae city, about 260 km east of Seoul.

LCS Group plans to buy a part of land for its own business. The group is also slated to seek a joint business with a developer in which it will buy a stake, in another area. After that, it will develop a resort in order.

“We are the first Philippine company to invest in a domestic real estate development project,” said LCS Group Korea CEO Noh Hyun Soo.

The group will consider further investment in South Korean development projects.

LCS Group focuses on property developments in the Philippines. But it also works on other sectors such as mining, transportation, defense, logistics and telecommunication towers.