PREMIERE Horizon Alliance Corp. (PHA) said it is inviting “key strategic regional partners” to take a 20 percent stake in its wholly owned subsidiary West Palawan Premiere Development Corp. (WPP) for P800 million.
The company told the stock exchange on Wednesday that the valuation of P800 million will cover its landholdings in Puerto Princesa, Palawan where WPP’s tourism development project will rise.
Last June, PHA announced that it plans to build a 1,000-hectare master-planned beach-side lifestyle community in Bacungan, Puerto Princesa to be called the West Palawan Premiere project. As envisioned, the project will have mountainside resorts and beach retreats with themed clubs, amenities and facilities and is expected to become a prime tourist destination in Palawan.
PHA said the transaction with the strategic regional partners “is expected to be completed by December with initial developments expected to start during the first quarter of 2017.”
The WPP project is leveraging on the influx of tourists from Cebu and other key areas nationwide, as well as international visitors, after the opening of the Puerto Princesa International Airport expected in March next year.
“Puerto Princesa City remains the main tourism draw in the province, with a total of 818,961 visitors in 2015.
Apart from Manila, WPP is targeting to entice tourists from Cebu and other key areas in the Philippines. With the target completion of the Puerto Princesa International Airport by March 2017 and the increasing cruise ship arrivals that has grown at an average compound growth rate of 141 percent over the last 5 years, the city is poised to become a prime tourist haven in Palawan,” PHA said.
“As part of its development plans, WPP shall commence activities that will help promote the West Palawan Corridor with a nautical highway that will include other tourist destinations like San Vicente, Caruray and Port Barton,” PHA added.
Incorporated in January 1988, PHA is primarily engaged in businesses related to entertainment, gaming, hotel and leisure.