SM to build largest eco-tourism zone

SM Investments Corp. (SMIC), the investment holding firm of retail tycoon Henry Sy Sr., is spending P6 billion for the first phase of the development of Hamilo Coast — a 5,700-hectare integrated residential and resort complex in Nasugbu, Batangas touted to become the largest eco-tourism project in the country.

During the launch of Hamilo Coast yesterday, SMIC chairman Henry Sy Jr. said the project will comprise 13 natural coves of varying shapes and sizes and will "put the Philippines on the map of international tourism."

"It will have everything that tourists and travelers would want to see and experience.

There will be world-class resort hotels, complete leisure, sports, and entertainment facilities and residential condominium units," Sy said.

He said the project would also include commercial and institutional developments to serviced by Hamilo Coast’s own power, water and communications systems.

Four-star hotels shall also be built to accommodate tourists.

He said future plans include linking SM Bay City with Hamilo Coast to allow guests to fly into Manila, check into a hotel at the SM Bay City, hop on a ferry and be transported to the lush eco-tourist experience that Hamilo Coast has to offer.

SMIC executive vice-president Josefino C. Lucas said development of the first cove dubbed Pico De Loro started last January and is expected to be completed over a five-year period.

Estimated to cost P6 billion, Pico De Loro involves the establishment of 11 medium-rise residential condominium buildings that will have six to seven storeys consisting of 1,000 units.

The first two buildings shall have 262 units, Lucas said.

Other components of the Pico De Loro project include a beach and country clubs and a boardwalk which will feature retail amenities as well as a marina and a yacht club.

"Pico De Loro is geared towards the Filipino family’s lifestyle.

This area will have plenty of space for family gatherings and community activities," Sy said.

To ensure the eco-tourism park’s ecological sustainability, SMIC has partnered with environmental group WWF-Philippines in the development of Hamilo Coast’s structures.

Sy said Hamilo Coast is the first community in the country designed for ecological sustainability.

"SM has been known for property development and management, along with its flagship retail operations.

These are precisely the very reasons why we believe SMIC can provide a big boost to the country’s tourism industry," Sy said.

SMIC chief finance officer Jose T. Sio said funding for Pico De Loro will come from the recent issuance of $300 million worth of convertible bonds.

Sy said the company is committed to expanding tourism in its property portfolio which includes Taal Vista Hotel, Tagaytay Highlands and the SM Mall of Asia.

SMIC’s core businesses are retail, mall operations, banking, and property development.

For this year, SMIC has earmarked P20 billion for the continued expansion of its businesses.

This already includes a P4 billion-tranche of its buyout of Equitable PCI Bank shareholders. Equitable will be merged with SM banking unit Banco de Oro.

About P600 million to P700 million will go to the refurbishment of the Taal Vista Hotel in Tagaytay to add roughly 150 more rooms to its existing 140.

Taal Vista Hotel, although owned by the SM group, is managed by local hotel operator Fuego Hotels.