Banyan Tree Holdings Limited has set its sights on Philippines as it expands its chain of luxury resorts, hotels and spas. The Singapore-listed company has announced a joint venture with Mr Salvador B Zamora II, a prominent businessman in the mining and real estate industries, to develop and operate two resorts on the Philippine island of Dinaran. Occupying an area of about 55 hectares, this secluded island located south of Manila in Palawan Province, offers long stretches of pure white-sand beaches. It is a mere 15 minutes away by speedboat from the town of Coron. Banyan Tree will provide master plans, architectural and interior design concepts for the resorts. Total development costs for the two resorts are estimated at around US$70 million. The resorts are expected to be completed in 2010.
www.deluxeportocervo.com/singapore/