Published on Friday, 21 September 2012 00:00
Written by ALBERT CASTRO [ Malaya.com.ph ]
Boracay, the island off Aklan is
hosting several of the pricey condominium developments in the Philippines at
par with Bonifacio Global City, a premier development near Makati.
Global Estate Resources (Global
Estate) intimated to Malaya Business Insight the price of a unit in the 264
apartment it has built is selling fast at P150,000 per square meter.
Prices in Global City is just about
the same.
Global Estate is developing in Boracay
Newcoast , a 264-unit, five-level
walk-up apartment building called
Boracay Oceanway Residences. Boracay
Oceanway is expected to generate P1.6 billion selling the apartments.
Kingson Sian, Alliance Global
president, said the tourism estate, inspired by the Greek resort island of
Santorini, sits on the last large
undeveloped piece of land that makes up 14 percent of Boracay island.
It is being positioned by Global Estate as a
“catalyst” for the area’s tourism growth, “to redefine the leisure and holiday
experience of visitors in the area and help attract 350,000 more tourists each
year.”
Boracay Newcoast is the island’s first
and only integrated tourism estate master-planned for a residential
subdivision, a shop house district, an area set aside for boutique hotels,
five-star hotels and an entertainment center called Newcoast Station.
The hotel cluster will have 1,500
suites with access to a private beach.
Sian said the company is bringing its
own hotel brand Savoy into Boracay Newcoast as one of the hotels.
Newcoast Station will serve as the
project’s center and take-off point to other clusters.
Boracay Newcoast is part of the P5
billion tourism investment Global-Estate has unveiled, including Twin Lakes in
Tagaytay City.
Alain Sebastian, Global Estate
assistant vice president, said the developer would complete Boracay
Newcoast in five years.
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