Groundbreaking sometime this year
The Philippines-based shipping firm Udenna Corp. is getting into the resort business.
According to the Asia Gaming Brief, Udenna is selling a 25 percent stake in its subsidiary, oil and natural gas distributor Phoenix Petroleum Philippines Inc. It hopes to raise P4 billion (US$80 million) to develop an integrated resort on Mactan, Cebu.
The Philippine Amusement and Gaming Corp., the country’s state-run regulator, has offered provisional approval for the plan for Lapu-Lapu Leisure Mactan on 30 beachfront acres in Cebu Province. Udenna Corp. says it hopes to break ground on the project through its Udenna Development Corp. unit by the end of the summer, the Philippine Daily Inquirer reported.
“Our investments are anchored on our shared vision for the Philippines to become a premier destination for business and tourism,” read a statement from Dennis Uy, president of the firm based in Davao City, where President Rodrigo Duterte once served as mayor.
“We hope to support the country’s manufacturing and tourism sectors, among others, through our property developments. We believe these will ultimately translate to employment and better living for the Filipino people.”
