Washington Firm Closes Land Purchase for Philippines Resort
- Mar 24, 2008
Asia Properties moves forward with plans to develop a multi-resort destination in The Philippines, with the completion of the acquisition of a parcel of beachfront land. The transaction marks the Bellingham, Wash.-headquartered company’s second land purchase for the project. The site of Asia Properties’ project is on an island just off the shores of Camarines Norte, a province in Luzon. Ultimately, the company will erect a bevy of upscale resort properties ranging in class from four to six stars. While specifics of hotel brands have not been disclosed, Asia Properties asserts that many hospitality companies have already expressed interest in bringing their flags to the location. Asia Properties completed the first phase purchase of about 250 acres in December 2007, relying on cash and restricted shares for funding. The company plans to exercise its option to buy the remaining land adjoining the first two parcels in various transactions throughout this year. While terms of the acquisition deals have not been disclosed, land in the Philippines is becoming increasingly difficult to come by, according to an investment report by real estate services firm Jones Lang LaSalle Hotels. More and more investors, faced with a dearth of existing properties in Asian locales including Vietnam, Cambodia and The Philippines, are seeking developable sites; beachfront sites are particularly coveted. Established for the purpose of developing resorts and prime real estate in Southeast Asia, Asia Properties is presently the only public U.S. company focused on Southeast Asian real estate investments. Its portfolio also includes projects in China and Thailand.