THE extension of Coral Ocean Resort’s land lease agreement with the CNMI government was not signed on Friday, according to Gov. Arnold I. Palacios.
“I was advised there were some issues with some of the provisions that are in the joint resolution,” Palacios told Variety, referring to Joint Resolution 23-2, which allows Suwaso Corp. to continue leasing the land for another 40 years, with an option to extend the term for 15 years.
The Senate and the House of Representatives, in a joint session, adopted the joint resolution on Nov. 19, 2024.
Suwaso Corp., which operates COR, “didn’t like some of the provisions,” the governor said. These include a provision requiring Suwaso “to execute some of the commitments within seven years,” he added.
According to a statement from Suwaso Corp.’s general manager Eun Pyung “Calvin” Park, “unforeseen circumstances” led to the cancellation of the signing ceremony for the new land lease agreement.
“We will provide you with updated details as soon as they are finalized, and we hope you will be able to join us when the signing is rescheduled,” he said.
Suwaso’s current lease will expire on Aug. 10, 2026.
Part of Suwaso’s planned improvements for COR include the construction of a Spanish garden; a golf starter building, which will store golf carts; a swimming pool and a casual dining beach club facility; a 30-room, three-story hotel with amenities, such as a restaurant, a spa and a gym; ocean view villas with 42 rooms; and two-story villas with 28 rooms.
