CoreTech purchases mortgage for Emerald Oceanview Park - KUAM.com-KUAM News: On Air. Online. On Demand.

CoreTech purchases mortgage for Emerald Oceanview Park

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by Ken Quintanilla

Guam - It's been an eyesore in the community having been on hold for years due to legal challenges. And it appears new development could signal the Emerald Oceanview Park project from finally moving forward.

While he couldn't reveal too much information, CoreTech International attorney Edwin Ching confirms the company has dipped its feet into the Emerald Oceanview Park project. "We bought the mortgage, that means simply we take the position of a bank, so we're playing banker right now by holding the mortgage and buying it from the previous bank who held the mortgage," he explained.

Ching says CoreTech purchased the mortgage for an undisclosed amount from the Woori Bank of Korea and another Korean financial institution. The sale was finalized last week after several months of discussion. Ching notes that the Younex International still remains the owner of the property. "It was up for sale and so CoreTech was interested so they bought it and what will happen? We will have to sit down and discuss it with owners," he explained.

It was back in December 2007 when Younex International announced plans to develop the $100 million project the project involved building 260 luxury condominium units and 20 villa style homes on the cliff line at Saupon Point which is adjacent to the Guam Memorial Hospital. At one point, the project was expected for completion during the second quarter of 2010. The project however encountered delays and legal challenges including a Tamuning resident filing a lawsuit claiming a zone variance granted by the Guam Land Use Commission was not valid. The Supreme Court however found the permit was valid. Ching would not say whether the project's challenges over the years influenced the purchase.

He said, "I've heard many other things, I don't know what's true, and what is correct."

As for what this development means in moving the project forward, Ching says it has yet to be determined as the company will next sit down with Younex International on how to move the project forward. "You're looking for different opportunities and perhaps this is an opportunity, maybe not, maybe we're wrong maybe we're right, don't know," he said. Asked what kind of opportunities, he responded, "Business opportunities, maybe we can work out something to help develop the property."

Younex vice president Dave Tydingco could not comment at this time saying the matter is still under legal review. 
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