A number of Philippine-based realtors are tying up with foreign companies to develop their multi-million dollar projects within Metro Manila. High-end residential developer Anchor Land Holdings is set to invest $22 million in its joint venture with European hotel operator Accor to establish and manage the five-star
A number of Philippine-based realtors are tying up with foreign companies to develop their multi-million dollar projects within Metro Manila.
High-end residential developer Anchor Land Holdings is set to invest $22 million in its joint venture with European hotel operator Accor to establish and manage the five-star Admiral Bayside boutique hotel located on Roxas Boulevard, Manila. The agreement is part of Anchor Land's Admiral Baysuites redevelopment project that involves preserving historical landmarks and converting them into luxury properties.
“We are delighted that the Admiral Boutique will join [our] MGallery Collection of unique hotels,” Patrick Basset, Accor chief operating officer for the Philippines, told the Manila Bulletin. ”This historical hotel will be the perfect showcase accommodation of what the MGallery hotel brand has to offer.”
Megaworld Group's Empire East Land Holdings also signed on to collaborate with Tiger Resorts & Leisure, a unit of Universal Entertainment, to build a $2 billion integrated casino with luxury residential condominium along Manila Bay.
Tiger Resorts also previously signed a deal with Robinsons Land to establish a hotel/casino complex in the same area but the project was discontinued.
Meanwhile, Century Properties Group plans to develop a $2 billion mixed-use property in Parañaque City. The project, which would include luxury residences and a retail complex on a five-hectare plot inside the 44-hectare Manila Bay Resorts development, has been put on hold due to the cancellation of cooperation with Japanese Okada Group.
The Manila-based firm is currently pursuing legal options against its former collaborator, reported the Philippine Star.