Premiere Horizon to raise up to Php500M for tourism subsidiary, West Palawan Premiere
In line with its 2017 strategic focus on infrastructure and tourism, Premiere Horizon Alliance Corporation (PHA) is raising Php300 million up to Php500 million to fast track the development of the master planned property of West Palawan Premiere Development Corporation (WPP), the company’s tourism subsidiary.
Premiere Horizon’s first foray into the fastgrowing tourism sector is a master planned ecotourism township that brings together pristine mountain and seaside leisure offerings integrating a seamless blend of residential enclaves and vibrant retail centers in an ecologicallysustainable development. The project is located along the emerging West Palawan corridor.
WPP also purchased an additional 5hectare beachfront property in Nagtabon Beach, 40 minutes away from the Puerto Princesa International Airport, which is expected to open in April of 2017. A tourism development plan for the area is underway.
The final terms of a fiveyear redeemable cumulative preferred shares offer of West Palawan Premiere Development Corporation amounting to Php300 million up to Php500 million is being completed.
Funding will be used to accelerate development and value creation for the first phase of the project consisting of the Nagtabon Beach and North Cove pods totaling over 60 hectares, road access development, permits acquisition and awareness campaign. Also in the works is the development plan for the commercial retail areas, installation of floating docks, acquisition of water sports facilities, mobilization of boat rides, covehopping, island diving and water sports activities to maximize access to the township property’s vast nautical highway feature.Part of the funding will also be used to complete the regulatory permitting activities as well as filing for a tourism estate zone accreditation with Tieza or Peza.
“PHA’s investment in WPP is a strategic move consistent with our thrust to invigorate the countryside as we continue to hike up our investment portfolio”, said Augusto Serafica, Jr., President and CEO of PHA. The project is seen to further revitalize Palawan island as a worldrenowned tourist destination. As masterplanned by USbased architectural firm AECOM, the project is set to become at par with some of the world’s finest nextgeneration mountain and seaside communities.