Bloomberry Resorts Corp, the parent company of Manila’s Solaire Resort and Casino, has announced plans to develop a new integrated resort in Cavite, south of Manila.
In a filing with the Philippine Stock Exchange on Thursday morning, Bloomberry revealed that it has entered into an agreement with a group of landowners to purchase 2,797,768 square meters of land in the Paniman area in Ternate, Cavite, at an average price of Php2,700 (US$51) per square meter – equivalent to US$144 million in total. The land will be acquired by a newly incorporated subsidiary, Solaire Entertainment Property Holdings Inc (SEPHI).
Bloomberry, which said SEPHI will buy only titled and cleared land, intends to develop an integrated resort and entertainment complex with a “world class casino, hotel, golf course, commercial, residential and mixed-use development,” according to its filing.
The project will not begin until development on Solaire North in Quezon City has finished and the property has commenced commercial operations, due to take place in 2023.
Cavite, located in the Calabarzon region in Luzon, sits southwest of Manila on the southern shores of Manila Bay.