Starfleet Innotech, Inc. (SFIO), a global asset management company, announced Wednesday a joint venture agreement with Filipino partners to create a world-class eco-luxury, health, and wellness community on their bayside site in Puerto Princesa City.
Through GlobeNewswire on January 5, the company said it will be owned and developed on an eight-hectare waterfront property by SFIO Leisure and Development, Inc., a joint venture stock corporation. The agreement with Filipino partners was signed before the end of 2021.
The development will be “an exclusive, holistic living community” nestled within the city’s mangrove woodlands, less than 30 minutes from the Puerto Princesa Subterranean River National Park (PPSRNP).
The seaside enclave, according to Starfleet, will include a beachfront resort, as well as condominiums and a residential subdivision for long-term residents interested in embracing Palawan’s affluent lifestyle and relocating to its gorgeous isles.
“With stunning views of Ulugan Bay and resting upon some of the nation’s most fertile soils, the resort will offer a lush, nourishing environment for both short and long-term visitors and long-term residents to reconnect with nature. The resort’s tropical design evokes the nostalgic warmth of Filipino hospitality, featuring the nation’s iconic pitched roofs, woven textures, and natural shade elements. These initial design and feasibility studies are already underway, with development scheduled to kick off within 2022,” it said in its released statement.
Visitors and residents will be able to enjoy resort amenities such as condotels, private villas, natural springs, chapel and meditation garden, spa and wellness centers, glamping sites, forest trails, and walking access to the city’s iconic white sand beaches and crystal clear waters, according to the company.
The SFIO said the resort will offer productivity benefits for remote workers looking for the perfect balance of modern accessibility and natural living, with a focus on nurturing wellbeing.
The announcement comes after SFIO revealed a series of cooperative ventures with Philippines-based partners to build world-class resorts and townships around the country. SFIO’s latest endeavor brings its global expertise in real estate development to a global island leisure destination.
Palawan consistently places among the world’s top islands, coming in first on Travel+Leisure’s definitive global ranking multiple years in a row. Based on Collier’s 2021 Residential Survey, Palawan was the top destination for Filipinos once travel restrictions are lifted. The global research firm expects domestic tourism to drive the leisure sector’s looming rebound, citing the Philippine Department of Tourism’s projection that domestic trips will reach 84.8 million in 2022, or 90 percent of total trips in 2019.
Not long after, the Philippines’ hotel industry—led by island beach destinations like Palawan—is forecasted to surpass even pre-pandemic revenues as early as 2023. According to the latest data from Statista, the industry is expected to reach an all-time revenue high of $2.1 billion by 2025.
Timed to debut amidst this renewed renaissance for Palawan, SFIO’s latest development in Puerto Princesa is expected to be completed by 2024.
SFIO’s joint ventures in real estate play a crucial role in the global asset management company’s strategy of collaborative innovation towards building better communities.
Work is already underway at SFIO’s recently established Technology Division on a suite of state-of-the-art, smart-building technologies designed to ensure the long-term, holistic wellbeing of communities.
The team has also designed a proprietary project management platform tailored for their real estate projects. With this system, SFIO’s partners and global network of licensed realtors are able to easily access information and seamlessly collaborate with project proponents, expediting the selling process across SFIO’s real estate portfolio.
These technologies are expected to set new gold standards for real estate management and community health systems across resorts and townships.
According to SFIO, the company is in talks with a number of investment banks to enter debt financing deals that would fund these projects while preserving shareholder value. Profits from these high-yield projects are intended to be reinvested into future growth, helping carry the group towards their plans to uplist from the US OTC Markets to the NASDAQ by 2024.