8990 company building luxury resort in Siquijor
MANILA, Philippines–The hospitality arm of property developer 8990 Holdings is set to open next year a 250-room luxury resort in Siquijor, an island in the Central Visayas known for its pristine beaches and natural scenery but whose tourism potential is still largely untapped.
The Adama Resort Siquijor is the first of the 10 new hotels and resorts of 8990’s newly-created hospitality arm, 8990 Leisure and Resorts. All of the 10 hotels are expected to be completed before 2023 and contribute around P3 billion of additional recurring revenue to the group.
In a disclosure to the Philippine Stock Exchange on Wednesday, 8990 Leisure and Resorts president Lowell Yu said this would be a “pioneering development that will highlight the tourism potential of Siquijor – from its pristine reefs, and virgin white sand beaches to its unique reputation as a mystical island.”
Yu, son of 8990 Holdings chair Luis Yu, has a track record of growing other new businesses outside his father’s mass housing empire. He is the man behind high-end membership shopping chain Landers Superstore, Popeyes Chicken, Kuya J, Isla Sugbu Seafood City and the iconic Grand Convention Center of Cebu.
Adama Resort Siquijor will rise by the second half of 2020 on a 20-hectare beachfront property. Among its main features are its private white sand cove and “top-notch” amenities designed to highlight the natural beauty and topography of Siquijor, the disclosure said. /jpv
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