SUBIC BAY, Philippines -- US property tycoon Donald Trump is eyeing a move to develop part of a new complex in the Philippine free port of Subic Bay into a tourist center, a Trump company official said Wednesday.

The flamboyant billionaire is looking at joining a South Korean company that is already building a major complex in Subic Bay, which is located north of Manila.

Trump Organization executive vice-president Michael Cohen said he had met officials of the Heung-A Property Group to discuss the plan.

He said the two sides were working on "a definitive agreement" where the Trump group would be a key developer of the beachfront but added that no formal accord had been signed.

Heung-A Property owns Subic Neocove Corp., a venture that is developing a tourism complex. The company is planning an initial $250-million investment to build hotels, golf courses, a casino and residential areas.