will entitle it to tax breaks.
During a meeting yesterday, CDA board members said they were impressed by the presentation of the company’s officials and representatives, including its president and chief executive officer Yun Kim and vice president and general manager Tetsuya Matsunaga.
Saipan Laolao wants to build a golf resort with state-of-the-art equipment and facilities targeting high-end golf enthusiasts around the globe.
The company is seeking a tax rebate and abatement totaling to $27.7 million.
Kim said they are making a “high risk” investment considering the bad state of the CNMI economy that is compounded by minimum wage hike and federalization issues.
But he said the federalization of local immigration is not a major concern for them as they are committed to hire locals.
According to Kim, the presence of Asiana Airlines in the CNMI will help Saipan Laolao bring in golfers who usually travel with their families.
The company targets 939 members and already has 60.
Saipan Laolao is not anticipating profits until 2020.
Its parent company is the Kumho Group which owns Asiana and is affiliated with several companies in the world.
Saipan Laolao’s Golftel Towers project will have 273 rooms, two club houses, villas and other amenities.
Kim said construction may commence in September and will cost $43 million.
Saipan Laolao’s 25-year lease agreement with the government amounts to $2.5 million.
According to the company, the CNMI government stands to benefit $387 million directly and indirectly from its business.
