COMPANIES from Hong Kong, Japan, Malaysia, and South Korea are interested to build integrated resorts in Cagayan province, the Cagayan Economic Zone Authority (CEZA) said on Thursday.
At the sidelines of financial technology firm Liannet Technology Ltd.’s marketing launch in Mandaluyong City, CEZA Administrator Raul Lambino said these “four big companies” would each invest a minimum of $100 million (P533.7 million), but declined to name them.
“What they will build there is like Solaire and Resorts World,” he added, referring to Bloomberry Resorts & Hotels Inc.-operated resort in Entertainment City, Parañaque City and Travellers International Hotel Group Inc.-owned resort in Newport City, Pasay City.
The province’s Sta. Ana town and Fuga island are being eyed for the planned resorts, according to Raymundo T. Roquero, CEZA officer in charge and deputy administrator for planning, business development and investment.
“They (the four companies) will start with a hotel and casino, then they will expand to theme parks. They will also build high-end villas, so their investments might reach $500 million (P26.69 billion),” Roquero said.
One of the companies already signed a memorandum of understanding on the project with CEZA, he added.
“They are hoping to replicate a Jeju island-type of destination.”