While his palatial home in Narvacan is busy hosting the taping of ABS CBN’s popular TV soap Ang Probinsiyano led by action star Coco Martin, Mayor Chavit Singson is also occupied with his business ventures in South Korea.
His LCS Group of Companies agreed to join a $1.7 billion resort development in South Korea, marking the first firm from the Southeast Asian countries to invest in a property project in Northeast Asia.
As the LCS Group chairman, Mayor Singson just signed a memorandum of understanding to invest and participate in the project in South Korea’s east coast with the Gangwon Province government, East Coast Free Economic Zone Authority, Korea Investment and 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 $1.7 billion includes construction of resort centers and ocean complexes in Donghae city, about 26 km east of Seoul.
LCS Group plans to buy a part of the 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.
Mayor Chavit’s LCS group is the first Philippine company to invest in South Korea’s real estate development project. It will also consider further investment in South Korean Development Projects.
Back home, LCS Group focuses on property developments, but it also works on other sectors such as mining, transportation, defense, logistics, and telecommunication towers.