Philippines: Ayala developing ‘tourism estates’ in Visayas

Philippines: Ayala developing ‘tourism estates’ in Visayas

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The Ayala’s real estate arm is looking at opportunities to create new tourism developments in the Visayas region and hopes to shore up a landbank in the region within the next 2 to 3 years, explained ALI president Antonino Aquino at the sidelines of the Asia Pacific Real Estate Investment Summit on Wednesday, November 14.

Following its long history of creating not just buildings but buildings within comprehensive centers, Ayala Land is looking at making more mixed-use developments or what it calls “tourism estates.”

“It’s a combination. You talk about tourism estate it’s going to be a combination of hotels, retail and maybe some residential (developments),” explained Aquino.

It’s a strategy that Aquino explained is central to the DNA of the company and that they hope to replicate, saying it is in their ‘genes’ after creating the country’s oldest business district of Makati.

In order to pursue the strategy, Ayala Land will have to shore up large tracks of land. “We have some (of the land bank we need in the Visayas) but there are others that we are still working on. I think easily we should be talking about 1000 hectares or thereabout. We should be moving into that magnitude,” said Aquino.

The developer also hopes that as in past projects, partners will be plentiful. Aquino explained that they are very open to forming partnerships.

Ayala’s hospitality business

Ayala currently has 634 branded hotel rooms between:

  • Hotel InterContinental Manila
  • Cebu City Marriott
  • 150 island resort rooms in Lagen, Miniloc and Apulit Island (formerly Club Noah) in El Nido in northern Palawan province.

Anticipating the wave

Real estate players are increasingly looking outside the Philippine’s primary tourism hub of Boracay for new areas they can develop.

The government is encouraging these moves. The Department of Tourism is wants to bring in 10 million tourists in 2016, a goal it must work towards every year till then.

“With new flocks of tourists to the country, the construction of hotels and other tourism infrastructure must keep up,” said Vice President Binay at the forum.

Earlier in his speech, he joked that the Ayalas were ahead of the curve in anticipating office demand for outsourcing firms.

If tourism does in fact swell, they will have anticipated the wave yet again and be there to catch it.

Rappler

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