(December 22, 2016)
Premiere Horizon Alliance Corporation (PHA) announced that it has completed the 15% equity placement with strategic investors in West Palawan Premiere (WPP) at a valuation of Php800.0M covering its current Palawan landholdings, leaving PHA with an 85% equity stake in WPP.
PHA, through WPP, has also finalized the purchase of an additional 5 hectares of beach front property located in Nagtabon Beach and is in the process of putting together a tourism development plan for the area. Nagtabon Beach is 40 minutes away via cemented national roads from the Puerto Princesa International Airport, which is expected to open in March 2017.
West Palawan Premiere is the mountain and beach side lifestyle community development of PHA in Puerto Princesa City covering 576 hectares. As announced last month, PHA has engaged AECOM, the 2015 Best Global Designer, for WPP’s comprehensive Master Plan which is set to be finished by January 2017. The environmental scanning and best land use study undertaken by VERTEX/LEECHIU will be completed this December. WPP is also in the process of identifying road networks within the property.
The full implementation of the WPP Phase 1 plan has already started and more visible developments will be seen by the 1st quarter of 2017.