Billionaire Manuel Villar is investing P2.2 billion to develop a mixed-use development on a 6.5-hectare property in Boracay, the country’s premier tourist destination.
Vista Residences, a unit of Vista Land & Lifescapes Inc., the property company established by Villar, said Costa Vista Boracay would have six mid-rise residential towers, a hotel, private villas, a pavilion with viewing deck, pool, convention center and a retail development.
“Costa Vista Boracay is another strategic step in expanding our presence in Boracay Island, bringing Vista Residences’ expertise in one of the most popular world beach destinations,” said Villar, who serves as Vista Land chairman.
“We are taking advantage of the increasing number of tourist arrivals and the favorable macroeconomic condition of the Philippines. This will be attractive for both end-users and investors who are looking for either a home or a source of rental income,” he said.
Vista Residences president Elizabeth Kalaw said in an interview the mid-rise towers would offer a total of 1,000 studio and two-bedroom units, with sizes ranging from 24 to 48.6 square meters.
Units cost between P3.6 million and P7.5 million.
Kalaw said the project would include a convention center with a capacity of 800 to 1,000 guests and a 200-room hotel and several private villas.
Vista Residences sales, marketing and residential leasing head Nova Noval said unit owners would also have the option to let the company manage the leasing of their units, so they do not have to worry about maintenance and marketing.
The first two residential towers are scheduled for completion over the next three years while the whole development will be finished in eight years.
The property is located between Shangri-la Boracay and Movenpick Resort & Spa Boracay in Barangay Yapak.
Costa Vista Boracay will sit on Punta Bunga beach at the island’s northwestern tip, atop one of the highest points of the island fronting a beach.
Kalaw said Vista Residences would develop the project in joint venture with Boracay Property Holdings Inc.
Vista Land acquired the 54-room Boracay Sands Hotel, the group’s first venture into the hotel business in 2015.
Kalaw said the company was also on the lookout for more acquisitions in Boracay.