Bicol businessman puts up P1-billion resort in Albay

MANILA, Philippines - Misibis Land, Inc., the real estate firm of Bicolano businessman Elizaldy S. Co, is fasttracking the construction of a second phase for the Misibis Resorts, Estates and Spa in Cagraray Island, Albay.

In an interview with The STAR, Co said that the upscale 400-hectare Misibis Resorts, Estates and Spa, which is still technically on a soft-opening, has gotten such favorable response that plans for a second phase is now being fast-tracked to respond to a growing tourism boom in Albay.

Co said an initial P1 billion had been spent for the construction of the first phase of the 38-room resort managed by the HSAI Raintree management group, the same group handling the Discovery Suites in Ortigas and Tagaytay and the Discovery Shores Boracay owned by the Tiu family.

According to Co, Misibis Resorts has been fully booked up to January next year when a big formal opening is scheduled.

Construction for a four to five-tower, two to three-floor, 80-room condotel has been fast-tracked to the summer of 2010 for completion by 2011.

The additional 80 rooms would bring the total rooms of Misibis Resort to 118.

Another P1 billion, has been budgeted for the expansion, Co said, adding that financing would come from a combination of banks loans, sale of some condominium units and even a possible joint venture partnership with interested European and Hong Kong investors who have expressed interest in the real estate project.

The popularity of the resort is such that President Arroyo is holding a Cabinet meeting in the resort next week, Co said.

He said Tourism Secretary Joseph “Ace” Durano, brought more than 30 international tourism attaches last week to view Misibis Resort which they ranked similar to Shangrila Boracay.

The Misibis Resorts, Estates and Spa is only one of the various projects that Co is undertaking to put the Bicol region on the economic map.