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King’s Boracay condotel project 25 percent sold

[ Manila Bulletin Online ] June 3, 2008
Jennylei D. Caberte


BORACAY, Malay, Aklan — Market reception for the Boracay Crown Regency Hotel and Convention Center, a condotel project of J. King and Sons, Inc. here remains strong with 25 percent already sold since its market launching.

Richard L. King, president and chief executive officer of J. King and Sons Inc. which owns the Crown Regency hotels chain, told media at the Pearl of the Pacific Hotel and Resort here they have already pre-sold 25 percent of the units of 457 rooms of the P1.2 billion project.

When completed, the Boracay Crown Regency Hotel and Convention Center — which prides itself with a water park and a 2,800-square meter swimming pool — will be the biggest resort and convention facility in this premiere tourism destination, now known worldwide as the tourism island paradise in the Pacific.

"At our current pre-selling pace, we are on target of having all the units sold out in two years," King noted. He added that their units are selling briskly despite their having hiked the prices per unit by P1 million, or from P3 million to P4 million, after the company opted to add more amenities and features to its facilities to enhance the project’s attractiveness and viability, and ensure customer satisfaction.

King stressed their sales trend is an obvious indication of their buyers having invested their confidence in J. King and Sons Inc. — which also owns Club Ultima under Fuente Triangle Realty Development Corp., the Prince Court Hotel Group, the First Steam Laundry, Metro Sports and other residential, commercial and business establishments— in the light of its current problems with DENR and its officials whom he accused of harassing his firm.

Certain DENR officials had earlier opposed the project based on a moratorium on new permits and construction in wetland areas in Boracay, although documents shown by King indicate the project site is coconut land converted later to tourism zone.

"We have documents to show that we are on the side of the truth. Our papers are above board while the DENR is merely making verbal accusations," King emphasized as they are now going all out in informing the public on the real issues behind the DENR’s order to stop them from constructing the 1.6-hectare Boracay Crown Regency Hotel and Convention Center in Barangay Balabag so they will know the truth.

"We are assuring the public the project will be completed in two years as we have committed," King said, adding that they have been successful in explaining the issues well to the buyers and investors, which is why there has been no cancellation of orders up to now.

Crown Regency stands solid in the real estate sector. Its hotel chain facilities are landmarks in Cebu City, Mactan, Davao City and Makati. Crown Regency Hotel & Towers, the iconic structure in downtown Cebu City, continues to innovate to make sure its customers enjoy a one-of-a-kind experience while staying there with its wide menu of health, relaxation, fun and dining offerings that are considered revolutionary in the industry.

The facility will shortly inaugurate its Sky Experience Adventure, Sky Lounge, Sky Walk, the Edge Coaster, the Insanity Orbit, among other fun facilities which will surely put Cebu City and the Philippines in the world tourism map.

Crown Regency will soon expand its business in other tourist destinations in the country such as Tagaytay and Panglao, Bohol, where local and foreign tourists abound.
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