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Boracay condo prices soar

Published on Friday, 21 September 2012 00:00
Written by ALBERT CASTRO [ Malaya.com.ph ]

About an hour plane trip from Manila is a world-famous white sand beach that is also making a name for expensive apartments.

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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