8990 ventures into luxury resort development

MANILA, Philippines — Mass housing developer 8990 is building its first luxury resort in Siquijor through subsidiary 8990 Leisure and Resorts.

8990 Leisure and Resorts president Lowell Yu said Siquijor has a  relatively untapped tourism potential that can rival some of the most popular tourism destinations in the country.

The project called Adama Resort Siquijor is set to open in 2020 and will feature 250 well-appointed rooms built within a 20-hectare property, Yu said.

8990 Leisure and Resorts plans to build a total of 10 new hotels and resorts, slated for completion before 2023.  The projects will contribute around P3 billion of additional recurring revenue to 8990 Holdings.

The Siquijor project is set to open in the second half of next year. It will be followed by another luxury hotel Kura and its urban hotel Argo.

Together with Adama, the hotel and resorts are set to support the growing key tourist destinations of Palawan, Cebu, Boracay, Davao, Iloilo, Siargao, Baguio and Metro Manila.

The luxury resort development will have private white sand cove and top-notch amenities designed to highlight the natural beauty and topography of Siquijor.

The master plan includes a central foyer that highlights the island’s natural scenery, rooms that are expertly designed to take advantage of natural light enhanced by the use of relaxing earth tone colors and luxury cabanas beside Siquijor beach’s crystal clear waters.

There will also be an exclusive butler service.

Yu is the businessman man behind high end membership shopping chain Landers Superstore and other establishments such as Popeyes Chicken, Kuya J, Isla Sugbu Seafood City and the iconic Grand Convention Center of Cebu.

8990 reported a net income of P2.82 billion in the first half.  Revenues amounted to P7 billion.