Metro Pacific Investments Corp. (MPIC) has partnered with Dusit International of Thailand to develop and manage jointly hospitality and residential properties in the Philippines.
In a statement, MPIC said it has inked a P1.6 billion investment agreement with Dusit, marking its return to the real estate business after divesting from upscale property developer Landco Pacific in 2014.
The joint venture will focus on the development of two hotels and three condominiums in properties long held by MPIC in Batangas as well as upgrading Dusit’s existing properties in the Philippines.
MPIC’s newest real estate, hospitality, and tourism subsidiary, Metro Vantage Properties Inc. (MVPI) will lead the design, development, marketing and sales of the real estate properties, while Dusit Thani Philippines will oversee the hospitality and tourism side of the business.
“We hope to play a significant role in changing the landscape of this thriving industry in the Philippines through our partnership with Dusit International, a company with over seven decades of experience in bringing hospitality all over the world,” said MPIC chairman Manuel V. Pangilinan.
“This partnership comes at an ideal time as the tourism industry in the Philippines continues to expand. This is an opportunity for us to demonstrate our expertise in bringing distinct Thai hospitality and MPIC’s place in the Philippine market to deliver unique hotel experiences fulfilling the needs of our guests,” said Dusit International Group CEO Suphajee Suthumpun.
Article from Bilyonaryo PH