by Jenniffer B. Austria
[ manilastandardtoday.com ] July 1, 2011
Global Estate Resorts Inc., formerly known as Fil-Estate Land Inc., is spending P20 billion to finance the development of two master-planned integrated tourism projects in Boracay and Tagaytay.
Global Estate assistant vice president Alain Sebastian told reporters following the annual stockholders’ meeting the company had earmarked P15 billion for the development of the 140-hectare Boracay property and P5 billion for the Tagaytay project.
The Boracay project, called Boracay Newcoast, involves the development of 1,500 hotel rooms to be managed by three international operators and one local brand, retail and commercial complex as well as residential villas and a variety of health and wellness centers.
Global Estate owns and controls the single largest piece of land in Boracay, spanning 14 percent of the island.
Sebastian said the company would spend P15 billion for Boracay Newcoast over a period of four to five years.
The property, which includes an 18-hole championship-grade golf course, will be developed by Global Estate in partnership with subsidiaries and affiliates of Alliance Global Group Inc.
The company is positioning Boracay Newcoast as a catalyst for Boracay’s long-term tourism growth.
“We believe Boracay Newcoast is in a good position to positively impact Boracay and its residents. In terms of per capita income, we expect it to more than double from P40,000 levels to beyond P90,000 in the next five years,” Sebastian said.
“Boracay Newcoast also supports Boracay and the municipality of Malay’s fight against poverty and unemployment. We expect Boracay Newcoast to help generate at least 3,000 new jobs,” Sebastian added.
Tourist arrivals in Boracay in 2010 reached a high of 779,666, up 20 percent from the previous year. Tourism receipts last year hit a record P14 billion.
Global Estate said it was also developing Twin Lakes, a 1,149-hectare community near Metro Tagaytay. Sebastian said Global Estate will develop Twin Lakes as a premier medical and educational tourism destination.
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