SUWASO Corp., which owns Coral Ocean Point Golf & Resort, must comply first with the original lease agreement before any new lease is approved, according to a local consultant, who declined to be identified.
E-Land Group’s Micronesian Resort Inc., the parent company of Suwaso, is seeking a 15-year extension of COP’s land lease agreement with the Department of Public Lands that will expire on Aug. 10, 2026.
MRI said due to a lack of workers, it has yet to construct 100 of the 200 hotel rooms required by its current land lease agreement.
But according to the local consultant, MRI also “failed to construct a driving range; failed to construct a botanical garden; failed to construct pavilions, shower and restroom facilities; failed to maintain the beach front area [for] the duration of their lease agreement; failed to construct 200 hotel rooms under the original lease in 1986; and failed to construct 200 hotel rooms under the 2011 15-year lease extension agreement.”
“DPL along with the Legislature must demand a much higher annual rental lease fee given the amount of public land COP occupies. COP’s rental per year is very low given the amount of public land being leased,” the consultant said.
As for the lack of construction workers, the consultant said, “There are many construction companies that are capable of this project. Honest Profit in San Antonio — [has an] ongoing construction with many workers. Sumitomo in Guam can also undertake this project easily. GPPC is capable of this construction project — they constructed a seven-story condominium in Susupe.”
“Perhaps Suwaso just does not have the funding for the required compliance under the current lease agreement,” the consultant said. “The Legislature must require them to comply first before a new lease agreement is approved. There are other issues in the lease agreement that have not been complied with. Suwaso/COP needs to provide the Legislature with financial profile/capabilities.”
The consultant also said that the parent company of Suwaso, MRI, “must show that it has funds to proceed with the Marianas Resort Golf Resort [project] in Marpi. If not, DPL should once again advertise for other investors under the request for proposals process.”
Variety was unable to get a comment from Suwaso or MRI.
