DS Networks to Develop Tourist District in Bohol, Philippines

Real estate developer DS Networks is embarking on the development of a tourist district, including the creation of a golf course in the Bohol region of the Philippines.

DS Networks' subsidiary DS DNC announced on the 13th that it signed a development agreement (MOU) on the 28th of last month in Loay City, Bohol Province, Philippines, with the Korea Overseas Infrastructure & Urban Development Corporation (KIND), Loay City, and the local Philippine corporation BAPS INTL (BAPS) to establish the 'K-LOAY FRIENDSHIP CITY Tourist District.'

For this project, DS Networks established a foreign investment corporation in the Philippines (DS BAPS INC.) and plans to cooperate with BAPS to develop the first golf course on Bohol Island and attract a global high-end hotel brand.

After the signing ceremony for the establishment of the 'K-LOAY FRIENDSHIP CITY Tourist District,' (from left) Cho Young-chul, CEO of DS DNC, Hilario L. Ayuban, Mayor of LOAY, Won Byung-chul, Head of Korea Overseas Infrastructure & Urban Development Corporation, and Oh In-seop, CEO of BAPS INTL, took a commemorative photo.
[Photo by DS Networks]

Previously, BAPS purchased approximately 340,000 pyeong of land in the Bohol area, completed the designation of the tourist district, and conducted an environmental impact assessment. DS Networks plans to complete the building permits in the first half of this year and begin sales in the second half. Heungkuk Securities is handling the financial underwriting.

A representative from DS Networks stated, “Through this overseas business expansion, we will achieve diversification of our business and revenue structure, continuing our growth as the leading developer in Korea. We will contribute not only to stable project execution but also to securing overseas construction orders for domestic construction companies.”