INDIGNANT KOREAN investors who invested millions of pesos into the development of the Clark Hills Villages are locking horns with the developer who allegedly refused to endorse them to the state-run Clark Development Corporation (CDC) in order to get their “Approved Sub-Lease Agreements” or ASLA.
A South Korean investor who had infused more than P75 million into the development of the tourism estate reportedly worth P2.6 billion said the new JB Cresta management had refused to endorse them to the CDC for their ASLA.
Mr. Jong Ho Ahn, a representative of the South Korean investor in Clark Hills Villages said they have 22 units in Haus D of Clark Hills Villages, near the area where government authorities had earlier uncovered cases of human trafficking in the past few months.
Mr. Ahn revealed the JB Cresta management had been asking them to pay unexplainable amount before they could get their endorsement to CDC to get their ASLA.
Mr. Ahn said they are “amenable” to pay only P3,550,000 to JB Cresta provided also that they will be given a receipt. Mr. Ahn said JB Cresta had also refused to give them receipt for their transactions.
Mr. Ahn also said JB Cresta had already cut off their water supply since August 23, 2023, to the consternation of Clark Hills Villages tenants, some of whom now wanted to leave the area. He said they were informed their electricity connections will also be cut off soon.
JB Cresta was reportedly behind the development of Clark Hills Villages., a residential complex.
Mr. Ahn said the current rift of investors with the developer runs counter with the Philippine government’s vision to create a livable, vibrant and dynamic work and play destination within the Clark Freeport Zone. Mr. Ahn said at least 10 Korean investors are also experiencing difficulties in obtaining their ASLA because of alleged rift with the JB Cresta management.