Coron islands resorts Isla Diwaran

Coron islands resorts

President Gloria Macapagal Arroyo led the groundbreaking ceremony for Asias first single largest integrated island resort in Coron, Palawan. Singapore-based Banyan Tree Holdings Limited and its partner, Tranzen Group Inc., will develop the 55-hectare Isla Diwaran resort facility in one of the worlds best known dive sites. The luxurious tourist destination is estimated to cost US$240-million once its fully developed. It will have a total of 600 keys, three award-winning spas and hotels, a marina and a town centre with full-fledged facilities. Banyan Tree Executive Chairman Ho Kwon Ping gave a brief on the project that is set to boost the Philippines tourism industry upon its target completion date in 2012. President Arroyo cited the establishments significance in generating around 12000 direct and indirect employment to people in the northern part of Palawan. She thanked the investors and the local government of Palawan in making the vision of Diwaran Island as the next Phuket. As part of the ceremony, the President was presented a signed Memorandum of Understanding (MOU) between Banyan Tree Holdings, Ltd. and the Banks (BPI Capital Corporation and First Metro Investment Corporation) to assist in setting u and raising investment for the proposed Banyan Tree-Philippines Hospitality Fund. A second MOU was signed with Tranzen Group for the proposed investment into the Fund. The event was also attended by Tranzen Groups