Premiere Horizon Alliance Corp., a listed holding company, said Thursday said it completed the sale of a 15-percent interest in a wholly-owned subsidiary that is developing a 576-hectare master-planned resort community in Palawan.
PHA said in a disclosure to the stock exchange the sale of the 15-percent interest in West Palawan Premiere Corp. was worth P800 million. The company will be left with an 85-percent interest in WPPC.
PHA said WPPC also finalized the purchase of additional 5 hectares of beach front property located in Nagtabon Beach and was in the process of putting together a tourism development plan for the area.
Nagtabon Beach is 40 minutes away via cemented national roads from the Puerto Princesa International Airport, which is expected to open in March 2017.
West Palawan Premiere is the mountain and beach side lifestyle community development of PHA in Puerto Princesa City covering 576 hectares.
The development will be highlighted by themed clubs, amenities and facilities that will make West Palawan Premier a prime tourist destination in Palawan targeting foreign and local tourists.
The full implementation of phase 1 of the master planned community plan has already started and more visible developments will be seen by the first quarter of 2017.
PHA earlier engaged AECOM, the 2015 best global designer, to undertake WPP’s comprehensive master plan, with leading real estate consultant David Leechiu handling the market and environmental scanning.
The AECOM master plan will be completed this month.
PHA will also bring in infrastructure subsidiary Redstone Construction and Development Corp. to provide cost effective site and land development expertise.