Philippines JUNE UPDATE 2022

Greetings from New Nordic in the Philippines. During the months of April and May, our team took the opportunity to visit both Angeles City and Subic Bay and had several meetings with project stakeholders in Manila. We were encouraged to see an overall easing of entry requirements and travel restrictions, along with a slow increase in general tourism numbers in the area.

As discussed in previous newsletters, our focus has been on the redevelopment of The Fortress Angeles City project into a reimagined Live, Work & Play co-living space which will be unique in the market. Since our last newsletter, we have completed the necessary drawings to apply for governmental approval of the project. We expect to submit the application within the month of June. At the same time, specialty consultants in F&B/kitchen design, interior and façade design, IT and cost control have been brought on to finalize the project budget and assist with the tendering process. We are very excited to announce the details of this project in the next few weeks, as it incorporates a variety of new amenities including a best-in-class spa product and co-working space which we feel will drive value and demand.

Once the project gains regulatory approval, all former clients in the Angeles and Subic Bay projects will be offered the option to participate in the new project under revised commercial terms. We are currently putting the finishing touches on the new commercial offering, though it will likely be based on a profit sharing model which offers a variable return. At the same time, we feel the revised project will offer greater opportunity for capital appreciation over time, given the diverse range of amenities in the building.

While we apologize for the lengthy process, we assure you that the work we have undertaken has been done with the utmost care and professionalism. Our goal is to create a commercially viable and financially sustainable project which will provide clients value for years to come.

As always, we welcome any further questions you may have about the project. Simply send an e-mail to info@newnordicgroup.com and our team will respond to you within two business days.

Sincerely,

New Nordic Group
Philippines