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Razon’s Bloombury project on track

/ 09:20 PM February 08, 2012

SUBIC BAY FREEPORT, Philippines—The construction of the $1-billion resort and hotel complex being developed by the group of businessman Enrique Razon Jr. is on track and will be completed by the end of this year.

Razon is chairman of property developer Sureste Properties Inc. (SPI) and its subsidiary, hotel and resorts owner Bloombury Resorts and Hotels Inc. (BRHI).

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Named Solaire Manila Project, Bloombury’s integrated resort complex includes a five-star, 500-room hotel covering some 165,000 square meters of floor area. It broke ground in July 2010.

Bloombury is one of four companies granted a provisional license to establish and operate a gaming and entertainment complex in the Bagong Nayong Pilipino-Entertainment City of Philippine Amusement and Gaming Corp.

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Entertainment City Manila has been designated as a special economic zone by the Philippine Economic Zone Authority.

The Pagcor project covers 120 hectares of prime reclaimed land at the western portion of the Manila Bay in Parañaque City.

While he is engaged primarily in the ports business, Razon said that he is undertaking the Bloombury project due to its revenue-generating potential.

“I think it can be very competitive and profitable business,” he said here.

Razon added that the company is looking at markets like China, where tourists and casino players come from.

“Maybe we could get a [huge] share of that market. China is a big market [for the project],” he told the Inquirer.

In a separate statement, he said: “We are excited about this investment in the Entertainment City Manila. Aside from catapulting the Philippines into a key player in the tourism, hospitality and entertainment industries, the project will make Filipinos proud for having a world-class leisure hub that will showcase the best that the country can offer.”

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TAGS: Bloombury Resorts and Hotels, Business, company, Entertainment City Manila, gaming and casinos, hotels and resorts, Philippines, Real Estate, Solaire Manila
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