It will be a joint venture between Ayala Land, the Philippines’ leading property developer, and Dubai-based Kingdom Hotel Investment, one of the major partners in Fairmont Hotels and Resorts.
The complex is expected to be a key component in the area’s re-development into a worldclass business destination.
Ayala confirmed it has Macau is just one destination that is experiencing a staff shortage 33 developments scheduled for completion this year in various areas of the Philippines.
The chairman of Shanghaibased Shimao Group, Xu Rongmao, also announced an investment of up to US$4 billion to develop high-end hotels in Taguig, just south of Makati.