CEBU, Philippines - The developer of Cebu Parklane International Hotel, the Five Power Ventures Development Corporation, is set to invest P300 million for three new projects in Cebu.
The company plans to develop a mountain resort, beach resort and a condotel in various areas in Cebu. These projects are deemed as the company’s first major expansion in the tourism sector following the positive growth of its eight-year old hotel venture.
Alan Ting, one of the board of directors of FPVDC, said that the encouraging growth margins of the 241-room Cebu Parklane International Hotel prompted the company to strengthen its presence in Cebu.
The company will initially construct an eight-story condotel, which will help accommodate the growing number of long-staying guests of Parklane. The condotel will have 80 units.
Moreover, a Cebu Parklane Mountain Resort will be developed in Babag, Busay as soon as the company completes its documentary requirements with the Department of Environment and Natural Resources for the proper identification of the location within the six-hectare property owned by the Ting family.
At present, Ting said the company is starting off with the IMO-accredited 5,000 square-meter flower and vegetable organic farm. Initially, the company plans to build 50 villas in the planned mountain resort.
At the same time, a 1.4 hectare property owned by the family in Cordova in Mactan Island will also be developed into a beach resort extension of Parklane, Ting said.
The Ting family who are known for its successful construction and real estate businesses, ventured into the tourism sector eight years ago with the opening of Cebu Parklane International Hotel.
The good return of investments of the hotel, and the promising tourism sector in the Philippines, particularly in Cebu convinced the company to pour more investments into the industry. — (FREEMAN)