Hann Philippines Inc. signed a P9-billion syndicated term loan agreement with Asia United Bank Corp. and Union Bank of the Philippines to partially finance the construction and development of Hann Reserve, its master planned mixed-use integrated lifestyle resort development in New Clark City, Tarlac.
“We are grateful to our partner banks and financial institutions for the trust and confidence in our vision to develop a truly world-class integrated resort that will solidify the reputation of Clark as an important leisure and lifestyle destination not just in the country but in the region,” said Hann Philippines chairman and chief executive Dae Sik Han.
The 450-hectare project is undergoing site preparation and general infrastructure development for its first phase, estimated to cost P17 billion. It will include the award-winning Banyan Tree luxury hotel and residences plus an 18-hole mountain golf course by Nicklaus Design—the first of three world-class courses and PGA-affiliated player development facilities that will form the highlight of the integrated resort.
Hann Reserve’s first phase development will also include a clubhouse and 10-hectare public park along with other ancillary facilities. The earliest targeted completion for the initial components of the first phase is by 2025.
“It is a privilege for us to be a part of Hann’s immense growth since its early beginnings. Likewise, we look forward to our continued partnership with this loan and to the company’s unabated success as it expands its business and operations,” said AUB senior vice president and head for investment banking group Kristeen Ella M. Reyes. Othel V. Campos