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News Real Estate Samsung investigates Philippine building plots
News Real Estate Samsung investigates Philippine building plots
| Samsung investigates Philippine building plots |
| Monday, 09 June 2008 13:39 | ||||||
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Hanjin became the first Korean shipyard to invest in a fully operational yard outside of home, while others like Daewoo Shipbuilding and Marine Engineering and Samsung have opened up massive block building sites in mainland China. STX Shipbuilding last month announced it has received provincial approval to open both a block building site and a shipyard in Shandong province, China. Samsung is understood to have investigated a number of sites throughout the Philippine archipelago and will make an announcement soon. Hanjin's development at Subic Bay, four hours drive north of the capital Manila, is gigantic, coming in at 500 hectares which is comparable to Samsung's facility on Koje island, Korea. Paying just $179,000 a year for the lease and with generous tax breaks thrown in as well, Hanjin has let it be known it will be able to knock out ships starting next year 10% cheaper than at its cramped home base in Busan. There are two other foreign firms in the shipbuilding sector in the Philippines: Japan's Tsuneishi in Cebu island, and Keppel who have operations in Batangas, Cebu and Subic, the latter of which was eyed by Daewoo at the end of last year. “Subic is bound to become one of the four largest shipbuilding facilities in the world,” Philippine president Gloria Macapagal-Arroyo noted as she toured Hanjin's facility at the end of last month.
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