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Andrew Tan acquisition allots P20B for Boracay, Tagaytay projects

[ ] July 1, 2011
Andrew Tan-led Global-Estate Resorts Inc. (GERI) is allotting P20 billion for two major tourism-oriented projects in Boracay and Tagaytay.

Both projects – Boracay Newcoast in Boracay and Twin Lakes near Metro Tagaytay – will feature an integrated, master-planned layout and world-class resort offerings and amenities, the company said.

GERI, formerly Fil-Estate Land Inc. in which Tan bought majority control late last year, owns the single largest piece of land in Boracay spanning 14 percent of the island. The property, which includes an 18-hole championship-grade golf course, will be developed by GERI and other Alliance Global Inc. (Alliance Global) subsidiaries into a large-scale, master-planned project.

The group plans to invest P15 billion in the project. Alliance Global is the holding company of Tan’s listed companies.

GERI is positioning Boracay Newcoast as a "catalyst" for the area’s tourism growth, the company said, adding that it plans to redefine leisure and holiday experience help attract 350,000 more tourist each year.

GERI intends to build four world-class hotels with a total of 1,500 rooms at Boracay Newcoast, tapping three international brands plus Alliance Global’s own to manage the hotels.

In 2010, tourist arrivals in Boracay reached 779,666, up by a fifth from the previous year. Tourism receipts also hit P14 billion last year.

In Metro Tagaytay, GERI will pour P5 billion into the 1,149-hectare community project Twin Lakes, positioned to be a medical and educational tourism destination.

Twin Lakes will be built in phases, with the initial phase overlooking the Taal Lake. It will feature a vineyard and chateau, a hotel and spa, a shopping village, residential villas and condominiums, and a sports and country club, the company said.

Succeeding phases will include a golf course, a diverse set of residential communities, international hotels, plantation estate, botanical gardens, lake-view manor, mountain-inspired lodging and facilities, health and wellness centers, boarding schools and retirement villages complete with modern medical amenities.

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