MASS housing developer 8990 Holdings has ventured into the luxury resort business as it bets big on Siquijor’s tourism potential.
Its subsidiary 8990 Leisure and Resorts will open in the second half of next year the Adama Resort Siquijor in a 20-hectare property on the island.
Company president Lowell Yu said the project is a pioneering development that will highlight the tourism potential of Siquijor.
Siquijor is one of the growing tourist destinations in Central Visayas, boasting of its pristine reefs, virgin white sand beaches and unique reputation as a mystical island.
Yu is the man behind the high-end membership shopping chain Landers Superstore, Popeyes Chicken, Kuya J, Isla Sugbu Seafood City and the iconic Grand Convention Center of Cebu.
The company announced Wednesday, Sept. 25, 2019, that the luxury resort project will unlock Siquijor’s relatively untapped tourism potential that can rival some of the most popular tourism destinations in the country.
Adama Resort Siquijor is set to open in 2020 and will feature 250 rooms, private white sand cove and top-notch amenities, the firm said.
The new development marks the company’s first foray in the luxury resort business.
Adama is the first of the 10 new hotels and resorts of 8990, all of which are expected to be completed before 2023 and contribute around P3 billion of additional recurring revenue to the listed company.
8990 generated record revenue of P7.01 billion and net income of P2.82 billion in the first six months of 2019.
Meanwhile, the island of Siquijor, tagged as the next emerging favorite tourist destination in Central Visayas, recorded the highest growth arrivals in the region last year at 48.8 percent. (CSL)