Ayalas, Saudi royals to build eco-tourism park in Bohol

Property developer Ayala Land Inc. on Monday confirmed reports that it will be building a $150-million eco-tourism resort in Panglao, Bohol through a joint venture with Kingdom Hotel Investments of the Saudi Royal family. "We will be partnering with the World Wildlife Fund to come up with a eco-tourism project," a top official of Ayala Land told GMANews.TV. The official said that a firm will be set up to handle the tourism, residential and retail businesses the two firms will be entering. The official also disclosed that the joint-venture company is also studying constructing a six-star residential place, which will target the expat community in the country. "This residential place will also have a retail component," the official added. He said the residential project will be similar to serviced apartments. The official said Ayala Land will make a formal announcement on the matter within three weeks. He said the joint venture firm, has yet to be named. Ayala Land disclosed last week that it will jointly develop with Kingdom Hotels a 7,377-square meter property in Makati City into a luxury hotel complex worth $153 million.-GMANews.TV