A Japanese property developer is poised to continue doing business in Cebu as it sets its eyes on expanding in Palawan as well.
Haruna Yamaguchi, general manager at Ai World Park & Resorts in Puerto Princesa City, Palawan, said they have already prepared a 10-year master plan for several projects in the province.
“Initially, our focus was on developing condominium units to sell to Japanese investors. But now, we have decided to develop resorts since we found that tourism in the Philippines is a big market,” Yamaguchi told reporters in a recent familiarization tour in Puerto Princesa City.
Ai World Park & Resorts is owned and managed by Palawan-based World Ai Corp., a subsidiary of Cebu-based I Land Way Philippines Incorporated.
Yamaguchi is also the manager of I Land Way in Cebu.
In Japan, I Land Way is a developer of condominiums, nursing homes, and house-and-lots.
The company recently opened to the public the 26-hectare Ai World Park & Resorts in Barangay Bacungan last February, the first component of which is Sapphire Hills, a mountain resort featuring themed swimming pools, restaurants, and café.
Yamaguchi said they also plan to finish construction and launch the high-end Shojin Resort, a sort of Japanese village, by the end of 2017.
By 2018, they are set to launch a 3.5-hectare project by the beach called Casa Blanca del Amor, meant for guests who would prefer the ocean over mountaintop resort experiences.
Back in Cebu, I Land Way is expected to have a soft opening for the 63-unit Rumah condotel in Barangay Busay, Cebu City by May.
Yamaguchi said all units have been sold to Japanese investors, all of whom will be getting a share of the profit from condotel revenues.
The developer also has projects on Mactan Island expected to be completed in 2017, the 200-unit The Reef condominium and 180-room South Reef condotel beside it.
“There are also other plans for Cebu,” she said, although she did not divulge what these are.
Before the firm was established in Cebu in 2013, executives saw potential in the province’s economic growth.
The population is growing while prices of real estate are still relatively cheaper compared to places in Japan or other Asian countries.