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ALLIANCE Global Group Inc. (AGI) said it will sign an agreement with
an affiliate of a Malaysian conglomerate this month to develop a
multibillion-dollar leisure and resort project in the 40-hectare
Manila Bay reclamation area.
The holding company of business tycoon
Andrew Tan said the company will sign a $1-billion joint-venture
agreement with Genting Group’s affiliate, Star Cruises Ltd., to
develop an integrated leisure and resort project called the Bagong
Nayong Pilipino Manila Bay Integrated City at the reclamation area.
”We are close to seal the partnership.
We hope to close the deal by the end of this month,” Tan, AGI
chairman, told reporters last week.
When asked for details, Tan said, “I
have to prepare for the information, just wait for the right
time.”
The leisure and resort project is part of
state-run Philippine Amusement and Gaming Corp.’s (Pagcor)
initiative to build an integrated tourism zone within the 40-hectare
project area. Pagcor expects the Manila Bay project to generate $4
billion in local and foreign investments and about 100,000 jobs upon
completion.
The project will include a theme park,
theaters, amusement and cultural centers, retail and gaming centers
and hotels.
AGI unit Travelers International Hotel
Group Inc. had obtained a provisional license from Pagcor to operate
inside the Bagong Nayong Pilipino Manila Bay Tourism City project.
Travelers plans to build hotels with a
minimum of 1,000 rooms spread over several phases.
The company also announced that it will
invest P3.8 billion for the construction of an all-suites hotel at
its township project in Newport City at Villamor Air Base.
AGI said Travelers will handle the
development of Maxim’s Hotel, a luxury hotel brand of the Genting
Group.
The hotel will be built on a one-hectare
property beside a lagoon, near the entrance to Newport City.
Maxim’s Hotel will feature 158 king and
junior suites, about a dozen deluxe suites and one presidential
suite from the fourth to the eighth floors.
Newport City is a 25-hectare residential,
commercial and office development project of AGI unit Megaworld
Corp. The project will feature luxury residential condominiums,
shopping malls, restaurant strips and business process outsourcing
office condominiums.
AGI had reported a net income of P494.2
million in the first quarter of the year, an 84-percent increase
from P494.2 million in the same period last year.
Its consolidated revenue during the period
reached P7.3 billion, up 26 percent from P5.8 billion last year.
-- Darwin G. Amojelar
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