A Russian developer is planning to invest $80 million dollar or Php3.76 billion in a 36-hectare property in
The Philippine-Russia International Development Enterprise (PRIDE) officials are now in talks for the possible joint venture with the Philippines National Bank (PNB), owner of Coral Reef Hotel.
“We are starting to coordinate with PNB and we are willing to go through the stages of getting endorsements from the local government,” says PRIDE president Alexander Zusik.
Part of the plan includes creation of a 600-room hotel, 300-room apartment buildings, a business center covering 8,000-square meters of office space, conference hall and 20 small villas.
“We are bullish in the tourism market of the
Aside from the Cebu project, the construction of a “historical tropical forest” in
The project which will primary boost the country’s tourism industry will also add employment particularly hospitality jobs.
More job opportunities are set to open once the new resorts officially opened in two years time.
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