AMID the controversy surrounding its construction, the resort hotel project on Boracay Island by a Cebu-based developer continues to sell.
The Boracay Crown Regency Resort Hotel is so popular among buyers that J. King and Sons Co. Inc. raised the price per unit of the project last week, despite allegations that the development sits on a wetland and should not be allowed to continue.
The P2-billion Boracay Crown Regency Resort Hotel project will involve the construction of four hotel and condotel buildings, a convention center and two 800-square-meter swimming pools. The project will supply 457 additional rooms in Boracay and will reportedly create 600 jobs for local residents.
Strong demand
“We based the price on demand. Since there is strong demand, we just raised the price (per unit in Boracay) by P1 million,” said Jose Ma. H. Gianzon, vice president for sales and marketing of Fuente Triangle Realty Development, which is tasked with the marketing of J. King and Sons’ properties in Cebu and Boracay.
With the increase, the cheapest unit at the Boracay Crown Regency would be P5 million.
Gianzon said the project continues to sell despite negative reports because people know that the development is guaranteed to earn “unprecedented income.”
He said following the negative reports, many people called up the company. “We had the chance to explain to them,” he added.
He said the cheapest unit at Boracay Crown Regency was priced at P3 million at the start of the pre-selling stage.
“The (sales) exceeded our expectations. Because of the velocity of sales, we increased it to P4 million … and now to P5 million. We expect more sales,” he said in an interview last week, following a press conference Thursday where J. King and Sons Inc. chairman Richard King announced that the company will file graft charges against Department of Environment and Natural Resources (DENR) officials who have blocked the project.
Irregularities
In the press conference, King alleged there were “inconsistencies and irregularities” in the way DENR officials conducted an inspection of the project site, which resulted in the issuance of a cease and desist order in February this year.
