Billionaire Tan To Spend $261 Million On Project In Philippines' North [Forbes]
ALLIANCE GLBL GP UNSP/ADR (ALGGY)
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Company Research
Source: Forbes
Veejay Villafranca/Bloomberg Philippine spirits and property tycoon Andrew Tan will build a luxury resort and township in Laoag, a provincial capital 488 kilometers north of Manila, in anticipation of a travel and property boom. Tan's Megaworld will spend about 15 billion pesos ($261 million) in the next decade to develop an 84-hectare property along Laoag's western coastline into a “premium mixed-use beachfront township,” the company said in a statement. It's Megaworld's first project in the northern region of the country's main island of Luzon but its 34th in the Philippines. "We see a lot of opportunities in this part of the country especially on tourism,” said Kevin Tan, the billionaire's heir and CEO of Alliance Global Group, parent of Megaworld, in the statement. “We hope to unlock these opportunities.” Ilocandia Coastown, as the development will be named, will be 15 minutes from Laoag International Airport and 30 minutes from the historic Paoay Church, built during the
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