MANILA, Philippines — Alliance Global Group Inc. (AGI) of tycoon Andrew Tan is bullish on growing its integrated resort and hospitality portfolio in Boracay and Cebu with total investments seen hitting as much as $2 billion.
In a stock exchange filing, AGI said it plans to construct a boutique integrated resort project in Boracay Newcoast with an investment commitment of $300 million.
In support of the integrated resort project in Boracay, the group said it is also building new hotels and has already completed the Boracay Newcoast Convention Center with 1,200 seating capacity.
On top of these projects in Boracay, AGI likewise intends to construct another boutique integrated resort project in Mactan Newtown with an investment commitment of $300 million.
The group is also building new hotels and the Mactan Expo Center with 2,500 seating capacity to support of the integrated resort project in Mactan.
“There is a possibility that the AGI group’s collective investment in the above-mentioned integrated resort projects could hit $2 billion in view of its collective long-term growth plans, and could be considered as the company’s indicative investment that is forward-looking in nature,” AGI said.
“Except for the above-mentioned amount of committed investments, the remaining figure is subject to certain risks and uncertainties that could vary the actual amount of the investments,” the company said.
AGI has a diversified portfolio with investments in real estate, hospitality, spirits manufacturing and quick service restaurants.
For this year, AGI is embarking on major expansion projects as part of the group’s P59-billion capital spending plan.
The major development efforts will be spearheaded by the group’s leisure development company, Travellers International, as well as the ongoing expansion projects of Megaworld and Emperador.
Be the first to comment