The property has a site area of about 3,269 sq. m. and is located within the central business district. It is planned that a retail/office building with GFA of about 40,000 sq. m. will be developed.
The Group has acquired a property interests at the southeast side of Ulugan Bay, Puerto Princesa City in Palawan during the year, and it is close to the Puerto Princesa Subterranean River National Park which is one of the “New 7 Wonders of Nature”. The freehold land has a site area of about 71,464 sq. m. and enjoys a sea frontage. The Group intends to develop a sustainable resort complex with hotels and villas, together with its own private beach, swimming pool and abundant diving facilities. The Group is now undergoing detailed study on the development scheme for the site and preparing a master layout plan.
During the year under review, the Group entered into a memorandum of understanding with an independent third party for the formation of a joint venture of another Palawan project with an initial investment commitment of about US$7.7 million. The project is located along the shoreline of Maricaban within the Coron Province of Palawan. It is a freehold land with a site area of about 95,775 sq. m., together with an adjacent site of about 42,900 sq. m. which has been reserved, making up a total of about 138,675 sq. m.. It is currently planned as a resort complex, comprising hotels, bungalows, water villas and a marina club. The resort complex will be developed in five phases.