Banyan Tree expands into the Philippines

Banyan Tree’s executive chairman Ho Kwon Ping.

Singapore-based resort and spa group Banyan Tree Holdings Limited has announced its first venture in the Philippines.

The group has entered into a joint venture with businessman Salvador B Zamora II to develop and operate luxury resorts on Dinaran Island in the Philippines.

The parties plan to develop two resorts on the island, at an estimated cost of US$70 million.

The entire project is targeted for completion in 2010.

Banyan Tree's executive chairman Ho Kwon Ping said: "We believe the Philippines will grow into an important luxury tourist destination, and our resorts in Dinaran will not only enhance our position as a premier resort chain in Asia but also give us an important foothold in a country with tremendous potential.

"We also intend to explore other development opportunities here, and seek out partnerships with local investors."

This project is not expected to have any material financial impact on the group's earnings and its net tangible assets for 2007.

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