The businessman George Yang said, his real-estate projects in the tourist destination Boracy Island is on track despite moves to reclassify the area as forest and agricultural lands.
Yang, whose company Golden Arches Development Corp. owns the local franchise of the McDonald’s fast food said his condominium hotel development in Boracay island is outside the Presidential Proclamation 1064, which reclassifies more than half of the Boracay Island into a public agricultural land.
"The land has title. We don’t have problems with it," Yang told reporters. The proclamation, which was issued by President Arroyo this year, states the Department of Environment and Natural Resources may "dispose" and alienate lands classified as agricultural . . . at public bidding at their market value pursuant to law, with the occupant-claimant owner, being given only the preference to buy by matching the highest bid at the auction sale."
The Supreme Court Has Yet to Resolve the Case
Boracay residents and resort owners have asked for the nullification of the proclamation before the courts, warning that it will hurt tourism because operators of these tourist areas in Boracay may hold off development plans for what many consider an "island paradise."
Yang, who is also an owner of the MC Home Depot Inc., partnered with Fil-Estate Group to put up MC New Coast Inc. last year to complete the property development in Fairways and Blue-waters in Boracay.
MC New Coast is planning to put up 10 luxury hotel and residential villas within the Fairways and Bluewaters estate. Each building will consist of 30 units to be sold on a time-sharing scheme.
Among the joint venture projects is Balaihara Newcoast Villatel, a 2.25-hectare condominium hotel development in Boracay, which opened this year composed of nine low-rise buildings. /MPmailto:madyaas_pen@yahoo.com
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