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.