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Friday, March 29, 2024

Premiere raising P1b for resort projects

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Premiere Horizon Alliance Corp. said Tuesday it will raise P1 billion to finance tourism and infrastructure-related projects this year.

PHA said in a disclosure to the stock exchange tourism development unit West Palawan Premiere Development Corp. would spend P400 million to make its foray into the fast-growing tourism sector via a township development in Palawan. 

It said the planned integrated township development would include serene mountainside and beachfront resorts and residential projects in the emerging West Palawan corridor. 

The project is master planned by AeCom, the world’s leading land use design company.

The group said real estate veteran Danilo Antonio with over 30 years of experience in the property sector would lead WPP.

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WPP also acquired a five-hectare beach front property in Nagtabon Beach and is finalizing a comprehensive development plan to complement WPP Development’s landmark beachfront loop attractions.

Nagtabon Beach is 35 minutes away via fully cemented roads from Puerto Princesa City International Airport. 

PHA infrastructure subsidiary Redstone Construction and Development Corp. plans to spend P200 million for infrastructure development projects.

RCDC plans to broaden its operations to include non-mining construction activities starting with the execution of WPP’s site development plans.

PHA said for 2017, it was also evaluating several business partnerships and acquisitions in the cement, iron, water and energy sectors, supported by a financing budget of up to P400 million.

“For 2017 and in the next two years, we are focused in our efforts of creating a significant impact in the country’s growing tourism estates development and in infrastructure that will increase and sustain PHA’s shareholder value,” PHA president and chief executive Augusto Serafica Jr. said.

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