Underwater hotel on SMP list

Written by Miguel R. Camus / Reporter

Thursday, 05 August 2010 20:51

SAN Miguel Properties Inc. (SMP), the real-estate subsidiary of conglomerate San Miguel Corp. (SMC), plans to launch as many as four new developments, including the country’s first “underwater hotel,” next year as part of its foray into the tourism segment, a top official said on Thursday. SMP real-estate development head Alan Cruz said projects on the drawing board include a “spiritual” hub in a 125-hectare property in Alfonso, Cavite; a 28-hectare mixed-use beachfront development on Boracay Island; and a midrise condominium cluster in a 2.8-hectare property along Outlook Drive in Baguio City. He said the fourth project is an ambitious underwater hotel off Busuanga Island near Coron Island in Northern Palawan. “All the four projects would happen next year in terms of the implementation. The planning stages should happen within this year,” Cruz told the BusinessMirror on Thursday, without citing financial figures. “We are going to entertain the experts in the industry, in terms of operating a hotel or maybe a country club. That is applicable for Boracay and, to a certain extent, in the Cavite project,” he added. The move is part of a broader strategy to create “synergies” with the parent company’s infrastructure-related projects. These include Caticlan Airport, the nearest air gateway to Boracay Island, and the 88.5-kilometer Tarlac-Pangasinan-La Union Expressway, which will cut travel time from Manila to Baguio by half. SMP already “rebranded and relaunched” itself during the recently concluded Philippine Real Estate Fair last week in a bid to become a major property developer in the next five years. SMP plans to launch its Cavite project first, from which a 33-hectare parcel of land was donated to the healing ministry of Companions of the Cross priest Fernando Suarez. The property may house venues for weddings, baptisms, retreat houses, as well as a 100-meter-tall statue of the Virgin Mary. To support the spiritual component, SMP is looking to build residential and commercial projects, as well as hotels. SMP earlier said it is spending P6 billion to develop a high-rise residential project in Makati City and an American-inspired gated community in General Trias, Cavite. In a previous interview, SMP finance and administration head Gil Somblingo said the companyis eyeing P1 billion in sales this year. Existing projects of the firm include Maravilla, Bel Aldea in General Trias, The Legacy in Las Piñas City and Buenavista Homes in Cebu. SMP recently sold its 31-percent stake in Bank of Commerce to the SMC Retirement Plan for an undisclosed amount. The transaction brought the retirement fund’s ownership in the commercial bank to 51.1 percent. In Photo: Willy Arcilla, San Miguel Properties consultant, discusses the company’s proposed projects at the San Miguel Corp. Building in Ortigas Center on Thursday. (Nonoy Lacza)