Banyan Tree invests in Philippines Dinaran Island
This new ventureÂ is theÂ first project for the Banyan Tree Holdings in the Philippines.
Banyan Tree and its partner, Mr Salvador B Zamora II, a prominent businessman in the mining and real estate industries, have entered into a joint venture to develop and operate luxury resorts on Dinaran Island in the Philippines. The joint venture agreement was signed this morning in the Philippines between Mr. Zamora and Mr Ariel Vera, Banyan Treeâ€™s Group Managing Director. Banyan Tree will acquire a significant interest in the joint venture.
The parties plan to develop two resorts on the island, each of which will retain a secluded and intimate ambience due to the islandâ€™s size and terrain. The total development costs for these two resorts is estimated at around US$70 million.
Banyan Tree will master plan, provide architectural and interior design concepts for the resorts which will include its signature pool villa, multi-award winning spa and its unique brand of Asian hospitality. The entire project is targeted for completion in 2010.
The uninhabited island, which has an area of about 55 hectares, is surrounded by stretches of white-sand beach. Located south of Manila in Palawan Province, Dinaran Island is just 15 minutes away by speedboat from the thriving town of Coron.
Visitors can reach Coron through daily scheduled flights of approximately one hour from Manila to Yulo King Ranch Airport in Busuanga, which is the adjourning town to Coron.
“We believe Philippines will grow into an important luxury tourist destination and our resorts in Dinaran will not only enhance our position as a premier resort chain in Asia but will also give us an important foothold in a country with tremendous potential. We also intend to explore other development opportunities here, and seek out partnerships with local investors,â€ said Executive Chairman, Mr Ho Kwon Ping.
This project is not expected to have any material financial impact on the Groupâ€™s earnings and its net tangible assets for 2007.Â
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