Bloomberry forges deal to buy land in S. Korea

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TYCOON Enrique Razon Jr.-led Bloomberry Corp. has gained a foothold in South Korea with a deal to acquire a 12.2-hectare property in Muui Island on which it plans to build a leisure estate complex, ushering in its overseas expansion program.

In a disclosure to the Philippine Stock Exchange, Bloomberry said it had signed four real estate sales agreements with several landowners for the purchase of land in Muui, also known as Muuido Island.

“The property is within the coverage of the Incheon Free Economic Zone and is intended to be developed into a leisure and tourism complex with entertainment facilities and mixed use developments,” the disclosure said.

The property will be acquired by the company’s Korean subsidiary, Solaire Korea Co. Ltd.

More details will be disclosed as soon as conditions of the agreements are complied with, Bloomberry said.

Muuido Island is in Jung-gu, Incheon, which is accessible from the mainland by ferry.

It has two famous beaches: Hanagae Beach and Silmi Beach.

With this project, Bloomberry is seen to replicate the Solaire Resort & Casino prototype in Korea.

Analysts are optimistic that Bloomberry can enter new markets in the same way that Razon built International Container Terminal Services Inc. into a global corporation.

Gaming stocks like Bloomberry are seen to offer a play on emerging consumer themes given that casinos historically deliver high compounded annual growth rates in the first few years of operations.

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