Philippines sales success

Investors have flocked to Continent Fairways, an apart-hotel luxury golf resort on Boracay, with only half the units remaining since its launch in the summer, according to the agent, Asset Property Brokers.

Attracting them is a combination of a buoyant tourism, despite the downturn, relatively low starting prices, a beautiful setting and high yields. Furthermore, the Southeast Asian economy, including China, is leading the world out of recession with strong growth. This has led to major investment in tourism in the Philippines, for example a new airport is planned for Boracay, and new air routes have opened or are about to start operating. Boracay is a beautiful tropical island offering world renowned beaches and reef diving.

Being built by Filipino developer, Paradisya Land, Continent Fairways comprises 50 studios and two-bedroom apartments, of which 24 have been sold. The development is located in the established and popular Fairways & Bluewaters Golf and Beach resort, which boasts a par 72 championship golf course that draws a global guest list.

Guaranteed net yields are up to 14.2 per cent with apartment prices starting at US$110,035. Long-term bookings from major travel companies have been secured by the management company, Continent Group, which enable it to offer occupancy rates of 80 per cent, underpinning yields for investors.

Each apartment will have high-quality luxury fittings with guests having access to many luxury facilities, including a fully-equipped fitness centre along with spa. In addition to this the resort boasts a clubhouse with bar and cocktail lounge and restaurant for lunches and evening meals.

Over the first quarter of 2009 tourist arrivals in the Philippines rose by a staggering 51 percent to 1.3 million people compared to 858,244 during the same period last year, according to the Philippines Department of Tourism (PDoT).

The new airport will be built on nearby Caraboa Island and is expected to be opened in 2012. It will be able to accommodate short haul and medium range Airbuses and similar aircraft, allowing direct international flights from new destinations such as Seoul, Shanghai, Guangzhou and Kuala Lumpur.

New charter services from Taiwan to Kalibo, the island’s current international gateway, were launched earlier this year while Mandarin Airlines will start flights in October.

For further information about Continent Fairways, contact Asset Property Brokers at assetpropertybrokers.com.