12 Apr 2005

Korean investor acquires US$13m property near military base in Guam

10:21 am on 12 April 2005

A Korean investor has sold up all but one of its property investments in the United States to buy lucrative properties in Guam.

Investor Hee Cho has put in US$35 million into real estate properites in Guam in an effort to improve profits.

He has holdings in the Holiday Inn Guam Resort, which he bought for US$8.5 million, and the Maiana Airport Plaza.

Our Correspondent in Guam, Rlene Steffy says one of his newly acquired properties is Alupang Beach Tower, near a military base, worth US$13 million.

"There are many military officers who rent in that section or at that property, because the military will subsidise an officers' income, its very lucrative for them to get the downtown presence, outside the base, and outside a big commercial area."