Metrobank Group receives two offers for resort project

CEBU, Philippines - At least two property owners in Cebu are now talking with the Metrobank Group, for a possible joint-venture or land offer for its plan to build a resort facility in Mactan Island, to complement its five-star hotel in City, the Marco Polo Plaza Cebu.

In an interview with Metrobank Group chairman Antonio Abacan Jr., he said that a 10-hectare shoreline property is being offered to the company located in Punta Engaño, Mactan Island. Another 12-hectare property in Mactan is also being presented to the group.

However, he said while the company maintains its interest to build a complementary resort facility for the good performing Marco Polo Plaza Cebu, the group still has to conduct further study if it is going to pursue the development soon.

“We are still in the exploration stage. Maybe we could put up a hotel-type facility on the Island [Mactan]. The negotiation is still on the infant stage though,” Abacan said on the sideline during the visit of Metrobank Group founder George S.K. Ty at the company’s power plant in Toledo City, west of Cebu during the weekend.

Abacan said while the company is bullish of the tourism business in the Philippines, with the establishment of its first hotel arm, the Marco Polo in Cebu, it is now focusing on the development of the residential condominium at the 10-hectare property where the hotel is currently located.

In fact, the group is also entering in the tourism-related business with the huge investment of building the 46-story Grand Hyatt Hotel in Fort Bonifacio, in Taguig, Manila.

If the resort project is going to push through, he said the Group may again get the management expertise of the Marco Polo chain, if they are have good track record on resort management. However, the company is also open to commission other resort brand chain, if necessary.

He said the Marco Polo Plaza Cebu needs to have a complementary facility to complete its service in providing business guests, leisure activities, maximizing the wealth of Cebu in beach—the sun, sand, and sea attractions.

The group’s real estate arm Federal Land Inc., is currently developing a two high-rise condominium towers in Nivel Hills, offering a total of over 500 residential condominium units, through the project called “Marco Polo Residences.”

The company is investing about P1 billion for its first residential condominium project in Cebu. Abacan said the 250 units of the residential project of the first tower is already been sold out. Now, the company is starting to build the second tower.

So far, the take out rate of the residential condominium in Cebu is encouraging. However, the company is still on its careful assessment in pursuing major real estate related projects, despite the active stance of real estate giants that entered the dynamic real estate sector in Cebu.

“We are still a new entrant in the real estate sector here. We are putting it in place, and cautious and studying where the market is going. So far, Cebu is registering encouraging growth in all our businesses,” Abacan said.

Aside from its 36 Metrobank branches all over Cebu, and 12 Philippine Savings branches, the company has also put sizable investments in different industries such as tourism, real estate, and the power sector.

The group has partnered with the Aboitiz Group on its power business in Cebu, through the Cebu Energy Development Corporation (CEDC) power plant in Toledo City that provides a total of 246 Megawatt power to the whole province.

Moreover, the Group is currently building another power plant in the same area, through the Toledo Power rehabilitation, wherein the company will provide an additional of 82 megawatt in the next 24 months.—(FREEMAN)