DMCI set to complete Boracay project

DMCI Holdings, Inc. expects to fully complete its 540-room condotel development in Boracay by the first quarter of 2009.

According to DMCI Holdings president and chief executive Isidro A. Consunji, the Alta Vista condotel development is scheduled for completion by the first quarter of 2009, although parts of the  project is already in operation.

In a talk with reporters, Consunji revealed that units for sale cost P3.5 million with the option available to buyers to lease out their units when they are not in Boracay.

Consunji assured that the Alta Vista development project is not affected by the recent Supreme Court ruling declaring certain portions of Boracay as public domain.

The project, covering 3.75 hectares, is titled and was acquired by DMCI in 2005 from the group of Steve Tahanglangit, Consunji said.

He pointed out that even with the adverse SC ruling, the government will avoid disenfranchising Boracay residents who have invested millions in developing what they thought was their property.

“They will find a politically fair solution for those who have invested millions,” Consunji said.

Built at a cost of P1.5 billion, the Alta Vista condotel project is a stone’s throw away from Shangri-La Boracay and overlooks the golf course of Fairways and Bluewaters.– Marianne Go